IHeartMedia Inc said on Wednesday it would buy E.W. Scripps Co's Triton Digital for $230 million, giving the U.S. radio company access to audio advertising technology as it focuses on its podcast business.
The San Antonio, Texas-based company has been investing in its podcast platform as it grapples with competition from Apple Inc and Spotify Technology SA.
It bought podcast analytics provider Voxnest in October last year and earlier acquired Stuff Media LLC, owner of the "Stuff you should know" program that is deemed the first podcast ever to reach the mark of 500 million downloads on Apple Podcasts.
With the latest deal, reported earlier by the Wall Street Journal, iHeartMedia obtains Triton Digital's platform that allows publishers to monetize their audiences by providing a digital audio measurement and audio-focused infrastructure.
IHeartMedia owns about 850 U.S. radio stations in over 160 markets and its iHeartRadio digital service is available on more than 250 platforms and 2,000 devices.
(Reporting by Akanksha Rana in Bengaluru; Editing by Anil D'Silva, Aditya Soni)
