Veritone One, the full-service ad agency branch of AI tech giant Veritone, has acquired podcast ad sales company Performance Bridge Media. The deal will make Veritone One a larger player in the field of podcast and radio solutions. Veritone has paid a $6 million consideration, with up to $5 million more, largely payable in Veritone common stock, contingent on Performance Bridge Media’s 2018 revenues. In 2017, Performance Bridge Media’s net revenue was $3.7 million. The press release anticipated the deal closing in the next several days.
Following the acquisition, Veritone will leverage Performance Bridge Media’s insights into the podcasting sector. That background will amplify Veritone’s aiWARE artificial intelligence platform and improve its offerings in ad tracking and podcast targeting.
“Podcasts are primarily original content that offers compelling, personalized edu-tainment,” said Ryan Steelberg, Veritone One president, said. “Acquiring Performance Bridge Media will allow us not only to continue to execute on the rapidly-growing podcast opportunities of today, but also to expand into the exciting growth opportunities offered by tomorrow’s voice technology innovations, which will amplify both listener and brand experiences for on-demand media via smart home and other connected devices.”