NEW YORK — As 2021 came to a close, a much-discussed effort by the Michael Tabor-controlled Global Media & Entertainment to gain a significant non-voting interest in iHeartMedia concluded. Rather than getting FCC pre-approval to hold up to 49.99% interest in iHeart, GMEI withdrew the request, and instead agreed to FCC advance approval of up to 15% equity interest.
While some remain convinced that iHeartMedia, which has seen its stock price wither across 2023, could see more investment from Global, the UK-based owner of such prized audio brands as Capitol, Heart and LBC, one thing is certain — the two companies are joining together to grow their respective podcast businesses.
Global, the UK’s largest radio and outdoor media company, now has in place an exclusive platform distribution and ad sales deal with iHeartMedia. This means Global and iHeartMedia will license, distribute and represent each other’s chart-topping Podcast portfolios.
In the UK, iHeartPodcasts will be available on Global Player and via DAX, Global’s digital advertising exchange. In the U.S., Global’s podcasts will be available on the iHeartRadio App and will be sold by iHeartMedia’s audio sales team.
Global’s owned and original podcasts includes daily news podcast “The News Agents” and “The News Agents USA;” and “My Therapist Ghosted Me” with Vogue Williams and Joanne McNally.
Conal Byrne, CEO of iHeartMedia’s Digital Audio Group, said, “Podcasting has exploded as the newest mass-reach medium in the US, with more than 120 million Americans a month now listening – and now the opportunity for global growth is huge. As more international listeners engage with hit iHeartPodcasts every month, this is a great opportunity to work with the best-in-class Global and using DAX monetization teams, to find new audiences and advertisers for the best and largest podcast portfolio in the world.”
Mike Gordon, Global’s Chief Commercial Officer, added, “I’m delighted that iHeartMedia is partnering with Global to bring each other’s incredible slate of award-winning podcasts to advertisers in the UK & Ireland, and the US. Combining the reach of each other’s platforms and network s, and featuring talent like Jay Shetty and Brett Goldstein, and The News Agents’ Emily, Jon and Lewis, at a time when podcasts are experiencing rapid growth, will see us reaching more audiences than ever before.”
