E.W. Scripps is acquiring Triton for US$150 million, in a move that will help Scripps advance its strategies for near and long-term value creation.
Triton currently powers or measures streaming music and podcasting for many of the biggest names in audio, including Pandora, Spotify, NPR, iHeart, Entercom, Cumulus, Prisa (Spain), Mediacorp (Singapore) and Karnaval (Turkey).
Triton’s infrastructure and ad-serving solutions deliver live and on-demand audio streams and insert advertisements into those streams through a software-as-a-service (SaaS) business-to-business revenue model.
Scripps President and CEO Adam Symson says the acquisition is consistent with the company’s growth strategies and operating performance goals. “Triton positions Scripps well to expand its role in the fast-growing global digital audio marketplace. Triton’s efficient business model, multiple growing revenue streams, competitive advantages and expanding international footprint made this an attractive opportunity.”
Symson added that over 12 years Triton has become the industry standard by which digital audio is measured while its infrastructure and ad-serving solutions are fueling growth for the world’s top audio companies.
The global digital audio marketplace is projected to grow to $14.8 billion in 2022, according to Statista, as consumers increasingly turn toward streaming audio services.
The industry growth comes as a result of the ubiquity of smartphones, the popularity of connected cars and the explosive growth of smart speakers in homes.
Triton co-founder and CEO, Neal Schore, says “Joining Scripps, a company known for its focus on the future of media, will support our continued innovation and will strengthen the products and services we offer to our clients here in the U.S. and as we continue our expansion across the globe.”
Schore brings more than 26 years of experience in media, including having served as the chairman of Westwood One and, with his veteran management team, will continue to lead Triton.
The transaction is set to close before year end.