Entercom Communications (ETM) – Get Report shares leaped after the radio broadcaster signed a six-year deal that makes FanDuel its official sportsbook partner.
Sports gambling is all the rage since the Supreme Court legalized it for all states in 2018.
The stock recently stood at $1.62, up 11%. They’ve traded on Thursday up as much as 63% at $2.38.
The shares have more than doubled off their 52-week low of 75 cents, set in early April. They were trading above $5 last December.
The companies called the partnership “a new model between a sports gaming operator and sports media platform.”
“As part of the deal, Entercom listeners will have unique access to FanDuel odds, insight, and promotion via Entercom on-air stations and personalities,” they said.
“Entercom and FanDuel will also collaborate on in-depth integrations and co-produce content that will pioneer the industry with all-new formats.”
Under the agreement, FanDuel, New York, will receive preferred and increased category access to all Entercom talent in every market where the two companies operate.
David Field, president and chief executive of Philadelphia-based Entercom, called the deal “the largest advertising commitment ever made within the radio industry.”
He said the “marketplace is growing exponentially and FanDuel is an ideal partner to take full advantage of the influence and reach of Entercom’s robust sports platforms.”
Entercom’s 39 stations include WFAN 101.9 FM/660 AM in New York, SportsRadio 94 WIP-FM in Philadelphia and 670 The Score WSCR-AM in Chicago. Its stations reach nearly 30 million listeners monthly.
Entercom also operates Radio.com, the digital audio platform.
