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Amazon.com Inc. said they had agreed to acquire podcast producer Wondery, the latest retail giant, to promote its audio offering.
Amazon did not disclose the purchase price. The Wall Street Journal previously reported that Wondery valued more than $ 300 million for the talks.
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Founded in 2016, Wondery is one of the various audio start-ups that have flourished over the past few years as podcasts to advertisers and listeners. Wondery is known for its dirty, narrative-driven podcasts that apply movie sound design to non-fiction stories.
Amazon said the acquisition of Wondery – the maker of true crime shows like ‘Dr. Death ‘,’ Dirty John ‘and’ The Shrink Next Door ‘- will enable the company to deepen its podcast offering.
Wondery podcasts will still be available to listeners on different platforms when the deal closes, Amazon said. Wondery joins Amazon Music, the division of the company that offers listeners music streaming and podcasts.
Several other podcast launches have been acquired over the past few years as technology, radio and news companies seek new listeners. Spotify Technology SA recently acquired Gimlet Media, the Ringer and Parcast, increasing its ability to produce and earn podcasts.
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Dow Jones & Co., publisher of the Journal, has a content partnership with Spotify’s Gimlet unit.
Last year, radio company Entercom Communications Corp. bought podcasters Pineapple Street Media and Cadence13. And earlier this year, the New York Times announced the acquisition of Serial Productions, producer of the hit podcast “Serial.”
According to people familiar with the matter, Hernan Lopez, CEO of Wondery, will leave the company after the deal is signed. Jen Sargent, chief operating officer of the company, will take over the management of Wondery after the departure of Mr. Lopez, the people said.
Following the agreement, Mr. Lopez is focusing on the Hernan Lopez Family Foundation, a new initiative aimed at combating systemic prejudice and racism, the people said.
In April, Mr. Lopez accused him of participating in an alleged plan to pay millions of dollars in bribes to football officials in exchange for broadcasting rights when he was an executive at Fox Sports. Mr. Lopez denied the charges. An attorney for Mr. Lopez, Matthew Umhofer, told the Journal earlier this year that the U.S. accusation “does not claim to be improper.”
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The subsidiary where Mr. Lopez worked, Fox International Channels, was recorded in 2019 by Walt Disney Co. Amazon did not comment on the charges against Mr. Lopez does not. Fox said in a 2017 trial that he did not know or approve any bribes. Fox declined to comment. Disney does not immediately respond to a request for comment.
The parent’s News Corp. and the Fox Sports parent Fox Journal have joint ownership.
Wondery’s funders include Waverley Capital, Advancit Capital, Lerer Hippeau and Greycroft. The Journal valued its last round of funding, in June 2019, at more than $ 100 million. It is rapidly increasing its revenue to more than $ 40 million this year.
LionTree LLC advised Wondery on the deal.