Scripps Buys Digital Audio Specialist Triton

Media group Scripps is to acquire MRC-accredited digital audio specialist Triton, whose software delivers and measures streaming music and podcasting for audio giants such as Spotify, Pandora and iHeart. The price of $150m will be paid through cash on hand.

Scripps, founded in 1878 and full name The E.W. Scripps Company, owns 33 television stations and runs a number of national journalism and content businesses including news network Newsy, podcast firm Stitcher and ad network Midroll Media. It also produces original programming and runs an investigative reporting newsroom in Washington, D.C. Its latest buy, Triton, provides its clients with hosting and advertising infrastructure to deliver live and on-demand digital audio streams, into which it inserts ads: it also generates data about those ads and this is used as a currency for buying and selling digital audio advertising. The firm won MRC accreditation for its Webcast Metrics Local service in 2014. Projected revenue for this year is around $40m, and EBITDA in the 'mid-teen millions'.

Scripps President and CEO Adam Symson said the acquisition positions his firm to expand its role in the fast-growing global digital audio marketplace, and was attractive due to Triton's 'efficient business model, multiple growing revenue streams, competitive advantages and expanding international footprint'. Although Symson says buying TV stations remains the number 1 acquisition priority, the current deal 'complements our strategy of owning growth businesses that capitalize on the evolving habits of media consumers and furthers our commitment to margin expansion'.

Triton co-founder and CEO Neal Schore (pictured) comments: 'Joining Scripps, a company known for its focus on the future of media, will support our continued innovation and will strengthen the products and services we offer to our clients here in the US and as we continue our expansion across the globe'. Schore will continue to lead Triton at the head of a 'veteran management team'.

The transaction is set to close before the end of 2018. Web sites: www.scripps.com and www.tritondigital.com .