IHeartMedia to purchase L.A. advert tech firm for $230 million

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U.S. radio broadcaster iHeartMedia mentioned Wednesday it was shopping for Sherman Oaks-based advert expertise firm Triton Digital for $230 million to additional increase its podcasting enterprise.

Triton’s software program helps podcasters and different audio streamers measure their viewers and insert adverts of their applications, whereas additionally offering expertise to assist advertisers higher goal shoppers.

The acquisition of Triton, which is owned by E.W. Scripps Co., follows different current purchases that iHeartMedia has made, together with buying podcast analytics firm Voxnest in October.

“iHeart, with our robust management place in podcasting, digital radio and broadcast, already supplies leading edge audio administration, programmatic and information options for the published radio, digital audio and podcasting industries, and this acquisition additional strengthens our place because the No. 1 audio firm in America and supplies distinctive — and significant — options for the trade and for advertisers,” mentioned Bob Pittman, CEO of iHeartMedia, in a press release.

Giant media corporations together with iHeartMedia and SiriusXM have been rising their presence in podcasting in recent times as audiences shift away from conventional radio. Different streamers are additionally investing within the area as podcasting has turn into extra common, together with Spotify, which has bought a number of podcasting manufacturing corporations, and Amazon, which introduced in December its plans to purchase West L.A.-based podcast writer Wondery.

Triton Digital operates in additional than 50 international locations and has 166 staff, with the bulk in Montreal.

CEO Neal Schore mentioned in a press release that his firm was “properly positioned to reinforce iHeartMedia’s worth proposition to audiences and advertisers.”

Schore will proceed to steer Triton Digital after the acquisition closes, which is predicted to occur within the first quarter or early second quarter, iHeartMedia mentioned.

The E.W. Scripps Co. in 2018 bought Triton Digital for $150 million from non-public fairness agency Vector Capital.

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