We Now Know What iHeart Is Buying
Remember last week when I highlighted a disclosure in iHeart’s financial docs about their plan to purchase an unnamed company? Well the cat is out of the bag. Yesterday iHeart announced the acquisition of Stuff Media (aka How Stuff Works) for a reported $55M. Stuff is one of the top producers of podcast content in the US. In the past they’ve worked with iHeart on the distribution of a true crime podcast called Atlanta Monster.
This will be iHeart’s first foray into independent podcast curation. Their plan is for Stuff Media’s office to remain in Atlanta and lead their new Podcast Division. Overall this seems like a pretty smart play for iHeart. It will definitely help diversify their content into spoken word streaming. It might also serve as a feeder system to get consumer to buy a subscription of a new streaming bundle which could include music and podcasts.