Today audio company iHeartMedia announced that it will acquire podcast provider Stuff Media.
The Wall Street Journal puts the deal at $55 million, though the companies have yet to disclose precise details. iHeartMedia already has a history in podcasting, partnering with major podcast providers like NPR, WNYC, and ESPN to provide over 20,000 podcasts through its iHeartRadio Podcast Network.
iHeartMedia has been devoted to using its expansive radio reach to broaden the market for podcasts and expand their audiences. Listening for its wide array of podcasts is already up 73 percent from 2017 to 2018 and further growth is anticipated.
Stuff is notable for, among other things, its popular podcast Stuff You Should Know, the first podcast to reach 500 million iTunes downloads. Originally founded as the 1998 reference site HowStuffWorks.com, it became among the first companies to turn podcasting into a profitable business venture. Stuff Media podcasts will keep their branding following the purchase, as well as its Atlanta, Georgia headquarters.
iHeartMedia filed for Chapter 11 bankruptcy reorganization in March 2018 and the acquisition bid is pending bankruptcy court approval. The deal would cement iHeartRadio’s dominance as the top commercial podcast publisher worldwide.