The industry leader in audio entertainment and podcasting has announced the purchase of E.W. Scripps Co's Triton Digital for $230 million. By acquiring Triton Digital, iHeartMedia hopes to gain audio advertising technology in efforts to expand its podcast business in the US.
Through this deal, iHeartMedia will gain access to Triton strong platform that will give them the power to increase their audiences. Triton’s business model is composed of a digital audio measurement and audio-focused infrastructure that helps gather its audience.
The acquisition will make iHeartMedia an industry leading service by being the only company to provide complete audio advertising and data solution services to its users.
With over 800 radio stations across the country, iHeartMedia is already available on more than 250 platforms. This deal will help the company better compete with giants in the space, including Apple and Spotify. Triton Digital will now operate under the iHeartMedia umbrella, under the leadership of Chairman and CEO, Bob Pittman.