Scripps finalizes sale of Triton
The E.W. Scripps Company has closed its sale of Triton to iHeartMedia for $230 million, as per reports.
Triton, a global tech and services leader for the digital audio and podcast industry was bought by Scripps for $150 million in 2018.
The sale marks Scripps’ exit from podcasting and digital audio, as previously the company also sold podcast company Stitcher in October. Scripps has nearly doubled its return on investments in both companies, and is now focused on growth strategies in the television business.
Scripps plans on using the proceeds from the sale for debt reduction.