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iHeartMedia to Acquire Audio Ad-Tech Firm Triton Digital From Scripps for $230 Million

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variety.com
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Todd Spangler NY Digital EditorAs E.W. Scripps exits the podcast sector, radio and podcast giant iHeartMedia continues to bulk up.On Wednesday, iHeartMedia announced a deal with Scripps to acquire Triton Digital, an audio and podcast advertising-tech company, for $230 million.

Under the proposed deal, all 166 Triton employees are joining iHeartMedia and CEO Neal Schore will continue to lead the company.Scripps in 2018 bought Triton for $150 million, so the iHeartMedia sale represents a 53% premium on that price tag (and an after-tax return in the mid-20% range).

The pact comes after Scripps sold its podcast company Stitcher in October 2020 to SiriusXM for $325 million.The companies expect the Triton Digital deal to close in the first.

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