Spotify is in advance talks to acquire respected podcaster Gimlet Media for $200 million, according to multiple sources. Podcasts have been a central focus for Spotify in recent months, as it works to expand beyond music and produce more exclusive content.
Gimlet's hit podcasts include StartUp, true crime series Crimetown and the dramas Homecoming, Sandra and The Horror of Dolores Roach. Gimlet is also moving beyond podcasts to film and television, including a recent deal with Amazon to turn Homecoming into a series.
Gimlet Media was founded in 2014 and is based in Brooklyn, New York. Gimlet podcasts are downloaded over twelve million times each month by listeners from 190 countries worldwide.
Wall Street Reacts
Early investor reactions to the acquisition appear positive, with Spotify stock up 2.76% to $141.00 in before market trading, after a 1,3% uptick on Friday. We'll be watching the stock throughout the day.