- Spotify reportedly spent $250 million to acquire The Ringer, an online publication for sports and pop culture, Bloomberg reported.
- The purchase, which Spotify confirmed last week, is the streaming platform's latest move to grow its presence in podcasting, and follows recent purchases of Gimlet Media, Anchor, and Parcast.
- Spotify will reportedly pay $200 million upfront, with another $50 million to be paid out later. The specifics of that second payment are not clear.
- The Ringer, which has more than 40 podcast titles, was founded in 2016 by ESPN sports journalist Bill Simmons.
- Simmons' exact ownership stake in The Ringer isn't known, but the deal is expected to be a huge payday for the media founder.
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Sports media founder Bill Simmons has scored a massive payout from Spotify, who purchased Simmons' publication The Ringer for a reported $250 million.
Citing one source with knowledge of the deal, Bloomberg reported Tuesday that the deal saw Spotify pay $250 million to acquire The Ringer, an online publication for sports and pop culture. Spotify confirmed the acquisition last week after The Wall Street Journal reported on purchase rumors in January, but the deal price was not known.
Bloomberg reports Spotify is initially paying $200 million to acquire the company, with another $50 million to be paid later. It's not clear if there are any terms attached to the $50 million payout.
The $250 acquisition likely represents a huge payday for Simmons, specifically, who is the company's largest shareholder, though his exact stake isn't known.
This is Spotify's latest move into the podcasting space, following nearly $400 million in recent acquisitions of Gimlet Media, Parcast, and Anchor. The Ringer has nearly 40 podcast titles under its belt, including a number of popular sports shows that Spotify will now own.
Spotify did not immediately respond to Business Insider's request for comment.