Spotify is buying Bill Simmons' The Ringer as its podcast shopping spree continues
- Spotify has acquired Bill Simmons' sports and entertainment company The Ringer for an undisclosed amount.
- The deal is the latest in a string of acquisitions from Spotify to expand into podcasting.
- The Ringer has nearly 40 podcast titles and will also continue to run its website.
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On Wednesday, Spotify confirmed that it is buying The Ringer, the sports and entertainment brand founded by Bill Simmons.
Rumors of the deal were first reported by The Wall Street Journal in January.
The Ringer runs a sports and pop culture website but has made a hard push into podcasts. The company has close to 40 podcasts, including The Bill Simmons podcast and shows about the NBA and NFL. As part of the deal, Spotify plans to acquire The Ringer's staff, website, and podcast catalog.
Terms of the deal were not disclosed, but it is expected to close in the first quarter of 2020.
The deal is the latest in a string of acquisitions that Spotify has made in recent months to grow its podcast business. Last year, Spotify paid $340 million to buy Gimlet Media and Anchor to expand from streaming music to content. Spotify also acquired podcast studio Parcast last year.
"As we set out to expand our sports and entertainment offerings, we wanted a best-in-class editorial team," said Dawn Ostroff, Spotify's chief content officer in a statement. "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."
Simmons is a former ESPN commentator who launched The Ringer in 2016. According to The Wall Street Journal, The Ringer made more than $15 million from podcast advertising in 2018.
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