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Spotify announced this morning that the company has entered into a definitive agreement to acquire The Ringer, which was founded by Bill Simmons in 2016. Terms of the deal were not disclosed. Spotify has been investing hundreds of millions of dollars in the podcasting space over the past 18 months.
“We look forward to putting the full power of Spotify behind The Ringer as they drive our global sports strategy,” said Dawn Ostroff , Chief Content Officer, Spotify. “As we set out to expand our sports and entertainment offerings, we wanted a best-in-class editorial team. Bill Simmons is one of the brightest minds in the game and he has successfully innovated as a writer and content creator across mediums and platforms. The Ringer’s proven track record of creating distinctive cultural content as well as discovering and developing top tier talent will make them a formidable asset for Spotify.”
“Spotify has the unique ability to truly supercharge both content and creator talent across genres,” said Bill Simmons , The Ringer founder, and podcast host. “We spent the last few years building a world-class sports and pop culture multimedia digital company and believe Spotify can take us to another level. We couldn’t be more excited to unlock Spotify’s power of scale and discovery, introduce The Ringer to a new global audience and build the world’s flagship sports audio network. We’re joining one of the best media companies in the world. It’s an incredible day for us.”
The transaction is expected to close in Q1 2020 and subject to customary closing conditions.