Pandora just paid $66.3m in cash plus 9.9m shares of its common stock for digital-audio ad-tech company AdsWizz. And if certain milestones are hit in the future, Pandora will stump up another $5m in cash for the deal, which was announced in March with a value of $145m. Pandora hopes that the acquisition will boost its income from audio advertisements.
CEO Roger Lynch stated:
Audio is the fastest growing format in digital advertising and the marketplace is rapidly evolving. Completing the acquisition cements our position in the future of audio, making us more ready than ever to serve publishers and brands worldwide… We are the leader in this space, and we remain committed to serving all constituents in the ecosystem.
CFO Naveen Chopra added:
Our plans for AdsWizz begin with programmatic audio, which is a small ecosystem today because large amounts of supply have not been aggregated in a single marketplace. With AdsWizz, we will be taking Pandora, the world's largest publisher of digital audio advertising supply, and aggregating it with inventory from the world's other leading audio publishers. [...] By owning the aggregation platform, Pandora can participate in transactions beyond the limits of our own publisher audience. Case in point, international. Although we don't currently have a consumer service outside the United States, we now have a role in the growth of the global audio advertising market… a meaningful source of high-margin advertising revenue.
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