Scripps Completes Sale Of Triton To iHeartMedia
The E.W. Scripps Co. closed today on its sale of Triton to iHeartMedia for $230 million.
Triton is a global technology and services provider to the digital audio and podcast industry. Scripps bought the company for $150 million in 2018, and said it has been accretive to segment margins since then.
The sale of Triton completes Scripps’ high-return exit from podcasting and digital audio. It sold podcast company Stitcher last October. Scripps nearly doubled its return on investments in both companies, and said it is now “focused on growth strategies in the television business.”
The company said it intends to use proceeds from the Triton transaction toward debt reduction.