iHeartMedia has agreed to acquire Stuff Media, the company that owns the HowStuffWorks podcasting business.
The companies did not disclose the financial terms of the deal, but both the Wall Street Journal and Variety are reporting that the acquisition price was $55 million.
According to the announcement, Stuff Media podcasts will retain their branding and the organization will remain headquartered in Atlanta, while President and CEO Conal Byrne joins iHeartMedia as the head of its podcasting division.
HowStuffWorks was originally founded in 1998 and had a number of owners before spinning out as an independent company and raising a $15 million Series A last year. In recent years, its focus has shifted from explainer articles and videos to podcasts, and in fact, it says those podcasts receive more than 61 million downloads and streams each month, with Stuff You Should Know surpassing 500 million downloads this year.
iHeartMedia, meanwhile, filed for bankruptcy earlier this year. (The media company was formerly known as Clear Channel.) Prior to announcing the acquisition, it was already working with Stuff Media on its true crime podcast Atlanta Monster.
“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,” said iHeartMedia’s chairman and CEO Bob Pittman in the announcement. “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.”
Source: Tech Crunch Startups | iHeartMedia is acquiring HowStuffWorks
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