Media Insider: Acquisition News from iHeartMedia and Tribune Publishing; Google to Pay News Corp for Content
Welcome to Media Insider, PR Newswire’s round-up of media stories from the week.
VARIETY | TODD SPANGLER
iHeartMedia to Acquire Audio Ad-Tech Firm Triton Digital From Scripps for $230 Million
iHeartMedia announced it will acquire Triton Digital from E.W. Scripps for $230 million. With Triton, iHeartMedia will be able to provide a full ad-service package that spans on-demand audio, broadcast, internet radio, and podcasting. iHeartMedia CEO Bob Pittman said in a statement, “Adding Triton Digital and its industry-leading services to the iHeartMedia audio ecosystem establishes iHeartMedia as the only company with a total audio advertising technology and data solution.” The acquisition of Triton marks iHeartMedia’s fifth audio-tech acquisition in the past three years. The deal is expected to close in the first quarter of 2021 and all 166 Triton employees and CEO Neal Schore will join iHeartMedia.
Read Next: BuzzFeed finalizes deal for HuffPost.
LOS ANGELES TIMES | MEG JAMES
Tribune Publishing proposes $630-million sale to hedge fund Alden Global Capital
Tribune Publishing announced a proposed sale to hedge fund Alden Global Capital in a deal valued at $630 million. Alden Global Capital, which already owns a 31.6% stake in the company, is offering to buy the rest of the company for $17.25 a share. The deal is dependent on the approval of the holders of the remaining two-thirds of Tribune common stock, Dr. Patrick Soon-Shiong and Mason Slaine, and a federal antitrust review. Alden Global Capital, known for cost-cutting and layoffs of hundreds of journalists, said in a statement, “Our commitment to ensuring the sustainability of robust local journalism is well established and this is part of that effort.”
More from Tribune Publishing: Baltimore Sun Media poised to be acquired by nonprofit.
BUSINESS INSIDER | MARTIN COULTER
Google has bowed to pressure and will make ‘significant’ payments to Rupert Murdoch’s News Corp
Google announced an agreement with Rupert Murdoch’s News Corp, offering significant payments to display News Corp’s content on its Google News Showcase platform. Under the terms of the agreement, News Corp titles, such as the Wall Street Journal and the New York Post, will make some of their content freely available to Google News users. The agreement is a major victory for Murdoch, who has long argued that major tech companies should pay for the news content used on their sites. Amid growing pressure from Australian lawmakers to address the imbalance between tech platforms and news outlets, Google has signed up more than 450 publications worldwide to curate content for its Showcase platform. This week alone, Google has signed two $30 million Showcase deals with Australia’s Nine Entertainment and Seven West Media.
CNN BUSINESS | PHILIP WANG AND JONNY HALLAM
BBC News banned in China, one week after CGTN’s license withdrawn in the UK
BBC World News has been banned from airing in China one week after Ofcom withdrew China Global Television Network’s license to broadcast in the UK. China’s National Radio and Television Administration released a statement claiming that BBC World News had broadcast reports on China that “infringed the principles of truthfulness and impartiality in journalism.” The ban spread further into Hong Kong when public broadcaster Radio Television Hong Kong announced that it would suspend the airing of BBC World Service and BBC News Weekly. A BBC spokesperson released a statement: “We are disappointed that the Chinese authorities have decided to take this course of action. The BBC is the world’s most trusted international news broadcaster and reports on stories from around the world fairly, impartially, and without fear or favor.”
ICYMI: Gannett and McClatchy Collaborate to Offer Local Reach for National Advertisers
MEDIAPOST | RAY SCHULTZ
‘Forbes’ Launches First-Party Data Platform
Forbes launched a first-party data platform to provide insights into audiences and facilitate custom experiences. The publisher says the platform, ForbesOne, will help its users “better understand who is visiting our site, what piques their interest and ultimately what motivates them.” ForbesOne will give marketers access to Forbes’ communities, including its CEO, CMO, CFO, and CIO Networks. After 18 months in development, Forbes claims its clients in the automobile, technology, finance, and luxury categories are all seeing positive results in early uses.
Also from MediaPost: Nielsen Launches Identity Sync, New Global Attribution System
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Erin Wade is a Senior Customer Content Specialist with PR Newswire. She is also an animal lover and aspiring world traveler. Tune into her insights as a social curator at @TotalCSR.