iHeartMedia strikes deal for VC-backed podcasting platform
September 14, 2018
Entertainment company iHeartMedia has agreed to purchase the parent company of the HowStuffWorks podcast network, which includes a podcast of the same name and more than 30 other shows. The deal is reportedly worth $55 million. The acquisition is subject to bankruptcy court approval, as iHeartMedia filed for Chapter 11 earlier this year. The company was weighed down with some $20 billion in debt as a result of a $17.9 billion take-private buyout conducted by Bain Capital and Thomas H. Lee Partners in 2008.
HowStuffWorks raised a $15 million round led by The Raine Group last year after it spun out from System1 as an independent company. It's one of many podcasting businesses that pulled in equity funding in 2017: Venture capitalists invested more than $200 million into various podcast platforms throughout the year.