HowStuffWorks, a podcast network based in Atlanta, and its parent company Stuff Media have been acquired by iHeartMedia, a San Antonia-based mass media company.
Though an original press release did not disclose the price, the Wall Street Journal reports the company was purchased for $55 million. iHeartMedia is the second-biggest podcast company, while Stuff Media is the fifth-largest podcast company, according to the report.
Popular podcasts on the HowStuffWorks network that put Atlanta on the map for podcasting, such as "Stuff You Should Know," "Stuff You Missed in History Class," and the TenderFoot TV co-production of "Atlanta Monster," were included in the acquisition. "Stuff You Should Know" surpassed 500 million downloads this year---the first podcast to surpass half a billion downloads, according to a news release.
The podcasts will now join the iHeartMedia podcast roster, however, HowStuffWorks will keep its brand and headquarters in Atlanta.
Stuff Media President and CEO Conal Byrne will join iHeartMedia as the company's head of podcast division. iHeartMedia's Chris Peterson has been promoted to executive vice president of the podcasting division and will report to Byrne.
“While podcasting has already experienced tremendous growth, the real opportunity to bring the full potential of podcasts to the mainstream still lies ahead,” Bob Pittman, Chairman and CEO of iHeartMedia, said in a statement. “Stuff Media is the original trailblazer of the podcasting industry, and we’ve been impressed by its ability to grow a massive, loyal audience over the past decade, led by a strong, experienced and cohesive management team, who we welcome to iHeartMedia."
Last year, Stuff Media raised a $15 million round led by The Raine Group, a technology, media and telecommunications global merchant bank, to establish partnerships, grow Stuff Media's content library and invest in talent.
“HowStuffWorks was a proud pioneer of the podcasting medium more than 10 years ago, and we are truly excited to be taking the next step with iHeart to chart the industry’s course for the next decade,” said Byrne. “Combining our assets with the #1 audio and media company, and #1 commercial podcast publisher, gives us the unassailable position in the podcasting business and a platform like no one else.”
