The newspaper did not disclose the terms of the deal. People familiar with the matter told the Wall Street Journal that the transaction could be worth up to $ 50 million “depending on milestones and performance indicators.”
The company is also entering into a strategic alliance with the radio show “This American Life”. The collaboration would allow companies to collaborate on advertising marketing and sales, he added.
“We have seen the power that audio can have in building deeper connections with our audiences and we are committed to bringing listeners the best audio journalism in the world,” said Meredith Kopit Levien, Times Director of Operations, in a statement.
The Times has taken a series of steps to grow its podcasting business this year.
The publication acquired Audm, a subscription application for converting long articles to narrated audio, in March of this year.
He also hired co-creator of National Public Radio’s “Invisibilia” podcast, Alix Spiegel, and started an opinions podcast with tech journalist Kara Swisher, as the Journal noted earlier.
The Times says its most popular podcast is “The Daily,” which receives about 3 million downloads per day.
According to the New York-based company, it has “now brought together three of the world’s most important audio brands,” with Serial Productions and This American Life joining the Times umbrella alongside The Daily.
NYT shares closed 1.75% lower at $ 44.84 on Wednesday. The shares have a 52-week high of $ 46.33 and a 52-week low of $ 26.13.
This story originally appeared on Benzinga.
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