Spotify Negotiating Purchase of Podcast Network Gimlet Media: Report
Spotify is in talks to acquire the podcast network Gimlet Media, Recode and the Wall Street Journal report. Gimlet, founded in 2014, produces the popular podcasts Reply All and StartUp, among others, and is behind the limited-run scripted podcast Homecoming, which was adapted last year into a television series by the same name starring Julia Roberts. A source tells Recode that Spotify plans to purchase Gimlet for over $200 million.
Spotify has expanded its podcast offerings in recent months, including a partnership with Gimlet to exclusively distribute the second season of the company’s show Crimetown. The streaming service also exclusively hosts podcasts by the likes of rapper Joe Budden and comedian Amy Schumer. The deals have sparked speculation that Spotify hopes to shake its music-only reputation and become something like the “Netflix of audio,” as writer Cherie Hu has written.
The Journal reports that “talks [with Gimlet] are still ongoing and it is still possible that a deal won’t happen.” Spotify is scheduled to host a quarterly call with shareholders on Wednesday.