iHeartMedia has signed off on a deal to acquire the remainder of US-based audio technology company Voxnest.
Financial terms were not disclosed.
iHeart already owned a majority stake in the target prior to the transaction.
Headquartered in New York, Voxnest provides a range of podcasting services, allowing publishers and advertisers to create, distribute and monetise their brands.
The company delivers audience and content analytics for listeners based on demographics, territories, devices and interests.
Its OpenRTB product also enables integrations that can connect to all major audio programmatic exchanges.
Through the acquisition, iHeart will be able to provide podcast advertisers with additional targetable inventory at scale.
As a result, the company will increase the monetisation of its podcasts and advance the podcast marketplace for buyers and sellers.
Bob Pittman, chief executive of the purchaser, said: “The addition of iHeart’s offerings to Voxnest will ensure critical mass for the platform and accelerate its growth.”
The deal will also complement the group’s SmartAudio suite of data-driven broadcast radio advertising services and strengthen its position as the world’s leading commercial podcast publisher.
Voxnest’s chief executive, Francesco Bascieri, noted the transaction would create the only platform that consolidates all podcast markets into one unit and makes buying more efficient for podcast advertisers.
Located in Texas, iHeart claims to be the leading audio company in the US, with more than 850 live broadcast stations across the country.
During the six months ended 30th June 2020, the group posted revenue of USD 1.27 billion, down 25.8 per cent from USD 1.71 billion in the corresponding period of 2019.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 466 deals targeting internet publishing and broadcasting and web search portal operators announced globally in 2020 to date.
In the most valuable of these, New Wave Holdings agreed to acquire the stake it does not already own in Cayman Islands-based Sina for USD 2.59 billion.
© Zephus Ltd