Scripps Closes Its Acquisition of Triton, The Leader in Digital Audio Services
CINCINNATI – The E.W. Scripps Company (NASDAQ: SSP) has closed its acquisition of Triton, the global leader in digital audio technology and measurement services.
“The Triton acquisition aligns with the Scripps strategy of fueling company growth by being opportunistic in the marketplace and responsive to the changing needs of media consumers,” said Adam Symson, Scripps president and CEO.
Triton serves the growing digital audio marketplace through a software-as-a-service (SaaS) business-to-business revenue model. Its infrastructure and ad-serving solutions deliver live and on-demand audio streams and insert advertisements into those streams. Triton’s data and measurement service is recognized as the currency by which digital audio advertising is bought and sold.
“By recognizing and capitalizing on the growth of the streaming audio industry, Triton has formed relationships with some of the biggest names in audio and positioned itself as the international leader in this space,” said Laura Tomlin, senior vice president of National Media. “Through this acquisition, Scripps further improves its position in the growing global digital audio marketplace.”
“We are excited to join the Scripps family,” said Triton CEO Neal Schore. “Scripps is an exceptional company, and we look forward to a bright future where we will continue to build, innovate and create world-class products for our clients and the global digital audio industry.”
Triton, purchased for $150 million, is forecast to generate more than $3 million in revenue and more than $1 million in contribution to segment profit for the time Scripps owns it in 2018. It will be immediately accretive to Scripps’ earnings.
The transaction was a stock acquisition, which Scripps financed with cash on hand.
Triton is headquartered in Los Angeles and has 145 employees worldwide.
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