Amazon, Spotify Both Eye Audioboom Buy

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Amazon and Spotify are looking to possibly buy Audioboom Group, a report from Bloomberg says.

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The decision might be made by the end of February.

Audioboom is a podcasting group, and the two massive digital companies have been looking into rival bids.

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Amazon is working with JPMorgan Chase on the interest.

Audioboom, which is based in London, has seen its shares climb 26% since the beginning of the year. Much of the gains have happened in the past two weeks. The company’s market capitalization is sitting at 277.6 million pounds, or $376 million.

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According to reports, the offer will eventually likely go for a “significant premium” if either company makes one.

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Spotify and podcasting have been big in the news as of late. PYMNTS wrote recently that Spotify, in its recent earnings call, said the company had emerged from “a few notable days.” CEO Daniel Ek said that the company would change for the better going forward.

Read more: Spotify Downplays Joe Rogan Controversy During 2021 Q4 Earnings Update

That came after the controversy in which musician Neil Young said he wanted his material taken off the streaming network if podcaster and comedian Joe Rogan, who he accused of spreading COVID misinformation, remained on.

“There’s no doubt that the last several weeks have presented a number of learning opportunities,” Ek said in his opening remarks during the company’s 2021 Q4 earnings call Wednesday (Feb. 2). “There’s still work to be done, but I’m pleased that Spotify is already implementing several first-of-its-kind measures to help combat misinformation and provide greater transparency.”

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He added that he thinks the company’s job was an important one, a “critical role” to balance free speech and the safety of users.

Ek said the company would “continue to partner with experts and invest heavily in our platform functionality teams and product capabilities to meet this evolving need head-on.”

 

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