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iHeartMedia to acquire Triton Digital in effort to grow podcasts

iHeartMedia to acquire Triton Digital in effort to grow podcasts
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IHeartMedia announced Wednesday that it is purchasing audio and advertising company Triton Digital from the E.W. Scripps Company, a move meant to help iHeartMedia's growing podcast brand in competition with other giants in the industry such as Spotify.

The company's chief executive confirmed the move to The Wall Street Journal, telling the newspaper that advertisers are looking for the engaged audiences that audio platforms can provide.

“They’re looking for audiences, they’re looking for impact, they’re looking for attribution, they want to measure,” Bob Pittman told the Journal. “People have run out of time for their eyeballs. In audio it’s clear people still have time for their ears — cooking, working in the yard, driving to work.”

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Neal Schore, CEO of Triton Digital, said in a statement to The Hollywood Reporter that "we remain deeply committed to providing the world’s broadcasters, podcasters, and online audio publishers with continuously innovated, best-in-class solutions and services for online audio management, advertising, and consumption data, and are well positioned to enhance iHeartMedia’s value proposition to audiences and advertisers."

IHeartMedia's stock jumped initially following news of the $230 million deal this morning but finished down 0.47 percent by the end of the day.

The company announced in December that it had re-signed popular "Breakfast Club" host Charlamagne tha God to a five-year contract and in September announced a partnership with the Clinton Foundation to launch a podcast hosted by former President Clinton.