Audacy has announced cuts to its podcast division, laying off around 25% of its Pineapple Street Studios staff. The company will be eliminating approximately 12 roles, as reported to Bloomberg by an anonymous source close to the matter.
The broadcaster acquired Pineapple Street in 2019 along with Cadence13. The podcast producer has studios in New York, Los Angeles, and Atlanta.
In January, Audacy entered Chapter 11 bankruptcy protection in Texas. The company has agreed with its creditors that will see them taking ownership in return for alleviating $1.6 billion in debt.
In a statement to Bloomberg, Audacy said, “We are continuing to optimize our structure to align with the podcast market opportunity and set us up for continued growth. Unfortunately, that means reducing the size of some of our teams, and we have made the difficult decision to reduce a portion of our Pineapple staff.”
