iHeartMedia has agreed to receive Stuff Media, the company that owns the HowStuffWorks podcasting business.
The companies did not disclose the fiscal terms of the offer, but both equally the Wall Street Journal and Variety are reporting that the acquisition value was $55 million.
In accordance to the announcement, Stuff Media podcasts will retain their branding and the corporation will remain headquartered in Atlanta, although President and CEO Conal Byrne joins iHeartMedia as the head of its podcasting division.
HowStuffWorks was at first established in 1998 and experienced a selection of entrepreneurs in advance of spinning out as an independent organization and boosting a $15 million Collection A final year. In latest many years, its target has shifted from explainer content articles and movies to podcasts, and in simple fact, it says individuals podcasts obtain additional than 61 million downloads and streams just about every month, with Stuff You Must Know surpassing 500 million downloads this 12 months.
iHeartMedia, meanwhile, filed for personal bankruptcy previously this year. (The media firm was formerly known as Obvious Channel.) Prior to announcing the acquisition, it was currently working with Stuff Media on its accurate crime podcast Atlanta Monster.
“Stuff Media is the authentic trailblazer of the podcasting sector, and we have been amazed by its means to mature a huge, loyal audience above the earlier decade, led by a potent, professional and cohesive administration group, who we welcome to iHeartMedia,” said iHeartMedia’s chairman and CEO Bob Pittman in the announcement. “This strategic acquisition will pair Stuff Media’s wildly preferred content and potent creative abilities with iHeartMedia’s substantial sources and huge scale by way of our electronic platforms, social attain and broadcast radio stations, introducing podcasts to the wide the greater part of the place and featuring even a lot more distinctive chances for advertisers to achieve their consumers.”