The podcast industry may be on the verge of another major consolidation as iHeartMedia reportedly prepares a bid for Audioboom, another top-five player in the global podcasting market. Audioboom has allegedly hired J Goodwin & Co. to evaluate potential buyers.
Media analysts speaking to Sky News identified iHeartMedia and Fox Corporation as the most serious contenders for the acquisition. Audioboom currently holds a market capitalization of approximately $134.8 million.
This wouldn’t be Audioboom’s first brush with a sale. The company previously attempted to find a buyer in 2020, but those plans were abandoned due to disruptions caused by the COVID-19 pandemic. The company is particularly well-known for its Formula 1 coverage, which has become a signature part of its content portfolio.
The company’s platform provides commercial services for a network of 250 top-tier podcasts, with key partners including popular shows like Casefile True Crime, True Crime Obsessed, The Tim Dillon Show, and No Such Thing As A Fish. In July, Audioboom made its own acquisition move, purchasing Adelicious Ltd, an award-winning British podcast network. This deal created the UK’s largest homegrown podcast network, boasting 40 million unique listeners and more than 125 shows.
For iHeartMedia, acquiring Audioboom would further cement its position atop the podcast industry. The company has been recognized as the number one podcast publisher globally and has won Podcast Company of the Year at the annual Webby Awards for two consecutive years. iHeart CEO Bob Pittman has repeatedly discussed how the broadcaster’s podcasting arm has rapidly become its growth engine.
And Selling off the small/medium markets?
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