IHeartMedia to buy L.A. ad tech company for $230 million
U.S. radio broadcaster iHeartMedia said Wednesday it was buying Sherman Oaks-based ad technology company Triton Digital for $230 million to further expand its podcasting business.
Triton’s software helps podcasters and other audio streamers measure their audience and insert ads in their programs, while also providing technology to help advertisers better target consumers.
The acquisition of Triton, which is owned by E.W. Scripps Co., follows other recent purchases that iHeartMedia has made, including acquiring podcast analytics company Voxnest in October.
“iHeart, with our strong leadership position in podcasting, digital radio and broadcast, already provides cutting edge audio management, programmatic and data solutions for the broadcast radio, digital audio and podcasting industries, and this acquisition further strengthens our position as the No. 1 audio company in America and provides unique — and critical — solutions for the industry and for advertisers,” said Bob Pittman, CEO of iHeartMedia, in a statement.
L.A. podcast company Audio Up creates podcast musicals featuring songs by up-and-coming artists.
Large media companies including iHeartMedia and SiriusXM have been increasing their presence in podcasting in recent years as audiences shift away from traditional radio. Other streamers are also investing in the space as podcasting has become more popular, including Spotify, which has purchased several podcasting production companies, and Amazon, which announced in December its plans to buy West Hollywood-based podcast publisher Wondery.
Triton Digital operates in more than 50 countries and has 166 employees, with the majority in Montreal.
CEO Neal Schore said in a statement that his company was “well positioned to enhance iHeartMedia’s value proposition to audiences and advertisers.”
Schore will continue to lead Triton Digital after the acquisition closes, which is expected to happen in the first quarter or early second quarter, iHeartMedia said.
The E.W. Scripps Co. in 2018 purchased Triton Digital for $150 million from private equity firm Vector Capital.
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