The E.W. Scripps Company is acquiring Triton, the global leader in digital audio technology and measurement services, helping Scripps advance its strategies for near- and long-term value creation.

Triton serves the growing digital audio marketplace through a software-as-a-service (Saas) business-to-business revenue model. Triton powers or measures streaming music and podcasting for many of the biggest names in audio, including Pandora, Spotify, NPR, iHeart, Entercom, Cumulus, Prisa (Spain), Mediacorp (Singapore) and Karnaval (Turkey).

Triton’s infrastructure and ad-serving solutions deliver live and on-demand audio streams and insert advertisements into those streams. Triton’s data and measurement service is recognized as the currency by which publishers sell digital audio advertising.

Financial highlights include:

• The purchase price is $150 million.
• The transaction will be financed with cash on hand.
• Triton will immediately be accretive to company margins.
• Triton’s 2018 revenue is projected to be approximately $40 million, with EBITDA projected in the mid-teen millions.
• Triton’s 2019 revenue is projected to grow in the low or mid-teens percent range over 2018.
• The revenue multiple for the transaction is about 3.7x; the EBITDA multiple is about 9x.
• This is a stock acquisition, and therefore there is no step-up in the assets for tax purposes.