Amazon Music has just acquired the podcast company Wondery.
Popular podcasts, including “Dr. Death” and The Shrink Next Door,” now have a new home on Amazon Music. On Wednesday, Amazon Music announced its plans to acquire the West Hollywood-based podcast company.
In a statement, Amazon Music welcomed Wondery. “We hope to accelerate the growth and evolution of podcasts by bringing creators, hosts, and immersive experiences to even more listeners across the globe, just as we do with music. This is a pivotal moment to expand the Amazon Music offering beyond music as listener habits evolve.”
For now, both parties are still ironing out the details of their collaboration, and no financial terms have been released to the public, according to the Los Angeles Times. The outlet reports that Wondery was looking to sell the company for at least $300 million, according to a source. “If you really want to get to some level of scale, Wondery is a good place to do that,” said Ray Wang, principal analyst of Constellation Research Inc. “There is a battle for content.”
Currently, Amazon Music has more than 55 million customers, and right now, music and radio streaming platforms are trying to expand their business by incorporating podcasts. Wondery was one of the last few independent podcast companies, the outlet reports. Podcasts that are featured on Wondery are accessible on several platforms and Amazon Music says it will stay that way. “When the deal closes, nothing will change for listeners, and they’ll continue to be able to access Wondery podcasts through a variety of providers,” Amazon Music said.
Once the deal closes, Wondery Chief Executive Hernan Lopez, who is currently charged with money laundering and wire fraud over alleged bribes related to broadcasting rights to the World Cup and other soccer tournaments, Wondery’s Chief Operating Officer Jen Sargent will take over the leadership team, Amazon said.
“The Foundation will seek to help progress the fight against systemic bias and racism, while also enabling underrepresented individuals to break through these ceilings through grants, training and networking programs,” Lopez wrote on LinkedIn.