News - 04/02/2019

Spotify to buy podcasting company Gimlet Media

Spotify to buy podcasting company Gimlet Media

Streaming coloss Spotify is negotiating to buy a significant podcasting production company: New York-based Gimlet Media, which was founded in 2014 by Alex Blumberg (a radio journalist, as well as a producer for "This American Life", and the co-founder of Planet Money) and Matt Lieber (a former radio producer at WNYC who previously worked as a management consultant with the Boston Consulting Group).

Gimlet closed a Series A funding round of $6m in December 2015, valuing the company at $30m.Then, in 2017, the firm took on two more rounds of investment, bringing the company's value to around $75m.

According to both "Recode" and the "Wall Street Journal", Spotify is currently in discussions to potentially buy Gimlet, which creates podcasts such as Startup, Crimetown and The Pitch.

Recode is reporting that Spotify plans to pay more than $200 million to buy Gimlet. Gimlet Media featured as a partner on Spotify when the music streaming platform launched multimedia format Spotlight early last year.

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