Spotify announced last week that it’s buying media and podcasts firm The Ringer, but it didn’t say how much for. That’ll come out in a future financial filing, but Bloomberg has already put forward a figure: $250m. Specifically, it reported that Spotify is paying nearly $200m upfront for The Ringer, with a further $50m+ payment to follow.
The report also claims that The Ringer’s founder, sports pundit and author Bill Simmons, will be working at Spotify “for some time” under the terms of the deal.
If the reported amount is correct, it would take Spotify’s spending on podcast acquisitions to more than $600m since the start of 2019 – a figure that does not include money spent on producing and promoting original podcasts outside those deals.