Spotify To Acquire Megaphone For $235 Million

Laveta Brigham

Audio streaming service Spotify  (SPOT) – Get Report definitively agreed to buy podcast advertising platform Megaphone for $235 million, the latest in a series of podcast-related deals in recent months. Shares of the New York company at last check were down 6% to $257.77. The closing of the transaction is subject to regulatory […]

Audio streaming service Spotify  (SPOT) – Get Report definitively agreed to buy podcast advertising platform Megaphone for $235 million, the latest in a series of podcast-related deals in recent months.

Shares of the New York company at last check were down 6% to $257.77.

The closing of the transaction is subject to regulatory clearances.

Megaphone would be part of Spotify’s effort to help advertisers and podcast publishers quickly make money off podcasts, “powered by a scaled audience and state-of-the-art technology,” Spotify’s chief content and advertising business officer, Dawn Ostroff, said in a statement.

Megaphone, Reston, Va., was founded by the online magazine Slate. Both are units of closely held Graham Holdings,  (GHC) – Get Report the Arlington, Va., provider of education and media services.

Shares of Graham Holdings at last check rose 4.1% to $453.19.

The podcast technology at Megaphone provides hosting and ad-insertion capabilities for publishers and targeted ad sales for brand partners.

The acquisition follows Spotify’s launch of Streaming Ad Insertion, a technology platform that delivers traditional podcast ads.

Source Article

Next Post

French luxury retailer Printemps to shutter some stores in virus fallout

TipRanks Oppenheimer Sees These 3 Stocks Skyrocketing Over 100% The U.S. presidential election has come to a close, and Wall Street isn’t opposed to the administration change. Last week saw the S&P 500 notch its second-best performance during an election week on record, even as Trump’s chances of getting re-elected […]