The deal sees Tindle taking a 10% interest in Podcast Radio, which launched three years ago and uses the trust and familiarity people have in radio to help them sample and choose podcasts.
Tindle owns and operates a portfolio of four radio stations – Channel 103 in Jersey, Island FM in Guernsey, Soleil Radio across the Channel Islands and Midlands 103 in Ireland. They also own 23 local and regional newspaper titles across the UK.
Nation Broadcasting invested in Podcast Radio last year also in return for a 10% stake.
Gerry Edwards, founder and CEO of Podcast Radio, says: “We’re pleased to have two very well-established commercial radio groups support our exciting plans to grow internationally.
“Both Nation and Tindle have shown great faith in Podcast Radio and we want to draw on their operational and commercial experience as we expand.”
Danny Cammiade, CEO of Tindle, says: “With some of the most listened-to local radio stations anywhere in the British Isles, we have a strong history in providing content which engages listeners.
“That is why our investment is a natural extension for our Company. We look forward to seeing Podcast Radio grow and make a real difference both in the UK and the international market.”
Podcast Radio director Paul Chantler says: “We are close to announcing our first partnership with a US broadcaster which will see us launch in several radio markets in North America. Nation and Tindle are supporting us to do this and more in 2023.”
At the National Association of Broadcasters conference in New York in October, Podcast Radio announced new ideas for the way podcast content is presented on radio. The team is currently developing a new short-form audio platform alongside the streaming channels already launched for business, crime and comedy content.
Podcast Radio broadcasts 24/7 online and via app and smart speakers. It is monetised by selling traditional on-air advertising and sponsorship; inserting commercials into its online audio stream; partnering with international content makers; and making original podcasts and bespoke audio content.
The company says it raised initial capital from angel investors and an equity fundraising campaign. Other investors include Ohio-based podcast production company Evergreen, entrepreneur Simon Squibb and former BBC Radio 1 DJ and businessman Bruno Brookes.
The company is planning a US fundraise later this year.
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