Bloomberg News
iHeartMedia Inc. is turning up the volume on its podcasting business.
The biggest U.S. radio broadcaster is acquiring Stuff Media LLC, one of the largest podcasting companies by audience size, the companies said. The price was $55 million, according to people familiar with the matter. iHeartMedia Chief Executive Bob Pittman declined to comment on the acquisition price.
The deal is a bet on a small but growing medium that has attracted a younger, engaged audience as listeners migrate from traditional broadcast radio to digital platforms.
“Podcast is to talk what streaming is to music,” said Pittman in an interview. “It’s very critical to us and very strategic.”
An expanded version of this report appears on WSJ.com.
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