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Scripps to Acquire Digital Audio Infrastructure Specialist Triton.

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Vincent

MANews-(C)2009-2018

18 October 2018 - US-based media company The E.W. Scripps Company (NASDAQ: SSP) is acquiring digital audio technology and measurement services specialist Triton for USD 150m in stock, the company said.

Triton serves the growing digital audio marketplace through a software-as-a-service business-to-business revenue model.

The firm 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.

Scripps said the purchase price is USD 150m. The transaction will be financed with cash on hand.

Triton will be immediately accretive to company margins. Triton's 2018 revenue is projected to be approximately USD 40m, with EBITDA projected in the mid-teen millions.

The firm's 2019 revenue is projected to grow in the low to 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.

Scripps serves audiences and businesses through a growing portfolio of local...

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