Insignia Capital Group LLC, a private equity firm, acquired two podcast advertising agencies, Veritone One and Oxford Road, in a bet that spending by sponsors is poised to accelerate.
The company is purchasing Veritone One, part of publicly traded technology company Veritone Inc., for up to $104 million, according to a release from the seller. The final price will be determined by revenue targets next year. Veritone intends to use the proceeds to pay down debt. Separately, Insignia is purchasing closely held Oxford Road, which is based in Los Angeles.
Advertising growth in the podcast industry hasn’t keep pace with the explosion in listening, according to Tony ...
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