Coffeezilla, Theo Von, Brendan Schaub, Whitney Cummings and Jim Cornette Speak Out Against Kast Media
In 2016, Kast Media was established and over time, it became home to a number of well-known podcasts. However, earlier this year, some of its assets were acquired by Podcast One, a major player in the podcasting industry.
Nevertheless, several podcast hosts have recently come forward with claims that they have not received their rightful payments from the company.
One such claimant is Jim Cornette, a professional wrestling podcaster. He alleged that Kast Media, along with its founder and CEO Colin Thomson, failed to compensate him for advertising revenue generated by his programs. He accused Thomson of diverting this revenue into other parts of the company, which assist in producing content for other podcasters.
Cornette reported that LiveOne, the parent company of PodcastOne, which acquired a portion of Kast Media in May, proposed a deal to settle the debt. This deal involved paying two-thirds of the owed amount in cash and one-third in stock options.
Furthermore, Cornette revealed that the entire sales team at Kast Media had left the company in response to this situation.
Theo Von, who shared a similar experience related to his podcast under Kast Media. Von claimed that his podcast was defrauded and that Kast Media, led by Colin Thomson, was responsible. According to Von, his podcast, along with several others, collectively lost up to $4 million due to these actions, with his own losses being in the six figures. Von reported that PodcastOne offered him a similar compensation plan: two-thirds in cash and one-third in stock options. However, he expressed skepticism, believing that this offer was designed to boost PodcastOne's stock price.
Von communicated his concerns to PodcastOne about their business dealings with Thomson, but he received no satisfactory response.
Coffeezilla has just dropped his latest video titled "Exposing a Podcast Scam." In a matter of just 8 hours, the video has already garnered a staggering 1.2 million views, as viewers flock to uncover the details of this podcast-related scandal. With Coffeezilla's knack for investigative content, it's no surprise that this exposé is generating such rapid and widespread interest.
Podnews.net reportedly received a emailed with link to a guide on US libel law from Colin Thomson, the CEO of Kast Media. He later denied that this email was meant as a threat, telling us: “Was curious myself. I didn’t know, looked it up”
Sources:
https://twitter.com/coffeebreak_YT
https://podnews.net/update/kast-media-payouts
https://podnews.net/update/luminary-acast-sign-bunny
https://www.globenewswire.com/news-release/2023/05/23/2674347/0/en/LiveOne-to-Acquire-Certain-Assets-of-Kast-Media.html
Cameron Stack
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