E.W. Scripps Company has closed on its sale of Triton to iHeartMedia for $230 million and exited the digital audio business.
Scripps will use the money to reduce its debt.
[Read: For Radio, Audio Is the New Now]
iHeart has said the deal establishes it as “the only company to provide a complete set of advertising technologies and measurement solutions for all forms of audio media.”
Even as iHeart expands its focus on audio, Scripps is moving the other way.
“The sale of Triton completes Scripps’ high-return exit from podcasting and digital audio,” it said in a press release. “It sold podcast company Stitcher in October. Scripps nearly doubled its return on investments in both companies, and now it is focused on growth strategies in the television business.”
