Podcast Frenzy: ‘Everyone’s for Sale’ After ‘TBPN’ Shocker
Dealmakers name the next big targets, and three strategies for buyers to win the boom
This is a preview of Like & Subscribe, my standalone Ankler Media newsletter on the creator economy. I spoke to two Chernin Group partners about the firm’s bet on creator-led empires, interviewed the co-hosts of TBPN, wrote about YouTube’s new studio era and covered how video podcasts are taking over TV. Email me at natalie@theankler.com
“Everyone’s for sale right now in the podcast space,” a podcast executive recently told me. And that certainly feels true when you consider that just in the past week, tech world darling TBPN sold to OpenAI in a deal worth a reported “low hundreds of millions,” and the company behind progressive news show MeidasTouch revealed that it raised a round of investment led by Soros Fund Management.
But this isn’t just another deal hype cycle. It’s a land grab for distribution in a video-first media economy — and everyone suddenly wants in.
Add in the ongoing sale discussions around Vox Media’s podcast network and the recent investments into Goalhanger and Audiochuck (which I dug into last week in an interview with The Chernin Group’s Greg Bettinelli and Maureen Sullivan that you all gobbled up), and I haven’t seen this level of pod activity since the Spotify-fueled M&A boom that kicked off with the 2019 purchase of Gimlet Media for north of $200 million.
What makes this moment different is that podcasting is no longer viewed as a niche alternative to radio. As I’ve charted over the past year, video is reshaping the landscape, driving an audience surge and ad dollars to match as demand to license and distribute top shows grows. More than 50 percent of Americans over the age of 12 listen to or watch podcasts monthly, according to Edison Research, and multiple estimates indicate the global industry is on track to exceed $200 billion in revenue.
Today, a podcast is often just one prong of a diversified media business that also includes merch, newsletters, live events and film and TV development. This opens up a whole host of potential investors and acquirers beyond standard private equity and venture capital players.
Every Hollywood player needs a lifeline right now amid budget cuts and consolidation — and podcasts offer one in the form of engaging, relatively cheap content. Fox Entertainment already took the bait, acquiring Red Seat Ventures in February last year. Versant, home to MS NOW and CNBC, is among the companies reportedly interested in the Vox Media Podcast Network, and already has a licensing deal with Crooked Media. A number of shows and networks across categories, from true crime to comedy, would be obvious targets for other legacy media companies.
Chris Erwin, founder of advisory firm RockWater Industries, tells me he wouldn’t be surprised if more tech companies go searching for their TBPN. He points to HubSpot’s recent acquisition of YouTube channel Starter Story as an example of this trend, noting, “Software needs distribution now. The companies that win are going to be the ones that really own their distribution and audience.”
This week, I spoke with Erwin and several in-the-know dealmakers to map out the three primary strategies for investors making their podcast bets — and the targets for each.
Over at Like & Subscribe, you’ll learn the intel I gathered:
Which talent-led podcasts buyers should target — and one show sources say could grow much bigger
Four podcast-first media companies investors should be watching
What makes the TBPN deal unique — and why it won’t be easily replicated
The key audience stat that explains how Audiochuck, Crooked and Steven Bartlett’s Flightstory attracted big backers
Why podcast networks come with a major downside — and one company that’s cracked the code
Which tech and media companies may be in the mix next
The three strategies investors are using to win the podcast boom
The rest of this column is for paid subscribers to Like & Subscribe, a standalone newsletter dedicated to the creator economy from Ankler Media.
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