TPX (The Podcast Exchange), the Toronto-based podcast advertising reseller and branded content producer, has sent a letter to creditors notifying them that the company plans to file a Notice of Intention (NOI) under the Bankruptcy and Insolvency Act.
The NOI buys the company time to develop a proposal to its creditors as it works to stabilize the business, giving it an initial 30-day stay of proceedings as it works to ensure suppliers are paid so it can continue operating.
Founded in 2017 by Jean-Marie Heimrath (who retired as founding CEO in 2021) and Jeff Ulster (who is still listed on the company website as a strategic consultant), TPX was a pioneer in the Canadian podcast advertising space, most recently signing a deal with BBC Studios in April to act as the exclusive third-party advertising reseller for BBC podcasts in Canada. It also boasts partnerships with Stingray’s podcast network – which acquired a 30% stake in TPX in 2020; iHeartMedia; WNYC New York; CBC, Corus Entertainment; and the AdLarge Podcast Network, in addition to a number of independent podcast producers.
Former Rogers Sports & Media and Torstar executive Pary Bell was brought in as CEO in February 2024. Bell told creditors this week that “the business has faced sustained financial challenges for some time.”
“We have reached the point where we can no longer continue to operate in the normal course. Because of this, TPX will be filing what is called a Notice of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act,” wrote Bell. “I want you to know this is not a step I wanted to take. I was brought in to help stabilize the business and we worked hard to find another path, but we have simply run out of time and options.”
“This is a formal legal process that gives us time to evaluate our obligations and try to develop a realistic plan with our creditors. It is intended to create time and structure to address the situation in an orderly way rather than in chaos,” he continued. “I want to be clear that I understand this news will be upsetting and frustrating, especially for valued partners who are owed money. Filing an NOI does not erase those obligations. It creates a structured legal process to work with creditors on what can realistically be paid and on what terms.”
“This is not an easy message to share. We are taking this step because failing entirely without any plan would be worse for everyone involved. Our goal in the immediate term is to continue delivering where we can, collect receivables, and preserve as much value as possible to support any proposal to creditors,” he stated, noting the company will be working with professional advisors during the NOI period.
Bell told Broadcast Dialogue in an email, that while limited in what he could share, podcast advertising has been under pressure.
“The podcast advertising market, like all segments of the media industry, has faced challenges over the last few years, with shifting advertiser demand, pricing pressures, increased competition, and the expansion of large global companies in the Canadian market,” he said. “The goal of this process is to create the time and structure needed to address those challenges responsibly. We want to work with our partners to find a path forward that preserves as much value as possible, keeps campaigns running, and gives us the best chance to continue operating as a viable business.”
