Make no mistake about it, this deal is about the growth of podcasting and how these two companies plan to take advantage of that. PRI is a creator and curator of journalism and storytelling, and PRX focuses on and audio technology (like Podcasting). The two companies announced on Wednesday they were merging. The new company will receive a $10 million investment from WGBH, and consist of large portfolio of broadcast and podcast shows. In a joint press release the two companies say they will now reach now have a monthly audience of more than 28.5 people across broadcast and the web and have 58.5 million monthly podcast downloads.
PRX CEO Kerri Hoffman will become CEO of the new organization and Alisa Miller, CEO of PRI, will elevate to executive chair of the new organization’s board of directors during its first year.
Hoffman said, “We believe strong media is anchored in trusted journalism, strengthened by new voices and amplified by innovative technology,” said Hoffman. “This merger intensifies our focus on helping creative producers and institutions build audience and grow revenue.”
Miller added, “Our field — for all its excellence and success, and the passion of its core constituencies — must respond to a profoundly changing marketplace to meet the heightened needs of the public.
By approaching PRX, PRI opened the door to the promise of joining together. Working with our stations, producers and partners, we can ensure that public media is a vibrant source of inspiration, fact, and empathy, especially in these complex times.”
The new company will be an independent organization and will report to a board of directors that combines the PRI and PRX boards.