Spotify Technology SA is in early-stage negotiations to acquire The Ringer, an online platform focused on sports, pop culture and tech, The Wall Street Journal reported, citing people familiar with the matter.
Such a deal would allow Spotify, the parent of Spotify AB, to expand its digital media offerings, adding more than 30 podcasts to its portfolio, the report noted.
Earlier in January, Bloomberg News reported that Spotify is in the process of creating a number of daily sports podcasts.
The Swedish music streaming company, which is legally domiciled in Luxembourg, could eye more acquisitions, according to one of the Journal's sources. In 2019, the company acquired podcast producers Gimlet Media Inc. and Cutler Media LLC d/b/a Parcast.
The Ringer, founded in 2016 by former ESPN writer Bill Simmons, attracts monthly downloads of more than 100 million and recorded 2018 revenues of more than $15 million. In September 2019, Spotify collaborated with The Ringer to launch "The Hottest Take," an original podcast hosted by Simmons.