iHeartMedia, which is a popular audio company in America which also has a greater reach in the U.S has made an Agreement to acquire Stuff Media. Stuff Media is a company which owns the HowStuffWorks podcasting business all across the globe.
The firms don’t release the financial terms of the agreement, however, some of the popular websites are reporting that the agreement has been finalized at $55 million.
As per the announcement which is being released, Stuff Media podcasts will retain their branding and the organization will continue working in headquarters in Atlanta, however, President and CEO Conal Bryne partners with iHeartMedia as the position of head of its podcasting division.
HowStuffWorks was initially started way back in 1998. It consists of various different owners before turning to work as an independent company and has acquired $15 million in funds in Series A last year. In the last one year, HowStuffWorks has shifted its focuses from videos and explainer articles to a podcast. As a result of this, podcast receives from than 60 million downloads a month and streams each month, with Stuff You Should Know reaching 500 million downloads this year.
iHeartMedia has also filed for bankruptcy before few months. The media company was initially known by the name as Clear Channel before declaring its deal. Also, it was formerly working with Stuff Media on its true-crime podcast known as Atlanta Monster.
Bob Pittman, CEO and Chairman of iHeartMedia in the latest announcement said, “Stuff Media is the original trailblazer of the podcasting industry, and we’ve been impressed by its ability to grow a massive, loyal audience over the past decade, led by a strong, experienced and cohesive management team, who we welcome to iHeartMedia.” He further added, “This strategic acquisition will pair Stuff Media’s wildly popular content and strong creative capabilities with iHeartMedia’s extensive resources and massive scale through our digital platforms, social reach and broadcast radio stations, introducing podcasts to the vast majority of the country and offering even more unique opportunities for advertisers to reach their consumers.”
iHeartMedia has about 1 billion monthly users in the U.S and around 131 million social media followers. The firm has the biggest reach as compared to any other radio or Television outlet in America. iHeartMedia provides its services in 150 local markets via 849 owned radio stations. The firm’s content can be listened to on AM/FM, on satellite, at iHeartRadio.com and also on the firm’s station websites and on iHeartRadio.
It was founded way back in 1998, and it is the leading provider of entertainment and informative podcast content. It is the parent company of 18 popular brands along with Stuff You Should Know, Stuff You Missed in History Class and Stuff Mom Never Told You, the HowStuffWorks team reaches a wide number of users worldwide.