Platform Media has announced its majority acquisition by global podcast group PodX in its largest global deal to date.
It is also set to be the UK podcast market’s most significant deal ever by the time it completes in full, with the initial valuation surpassing eight figures.
Founded in 2021 by Matthew Sherry and Matt Sayward in conjunction with the 21six Group, Platform Media delivers production, distribution and monetisation all under one roof. Its original content label Folding Pocket has produced some of the UK’s biggest podcasts.
Platform Media has delivered award-winning content for the world’s biggest brands, broadcasters, rights holders and talent. It has worked with Amazon Music, Audible, BBC, Domino’s, EFL, NFL, Paramount, Red Bull, Simply Be, Spotify, Vodafone and William Hill.
Despite a challenging market environment, Platform Media’s non-traditional podcast model has ensured the company’s revenue will grow to surpass eight figures this year.
Its commercial strategy and multi-channel approach will help bolster PodX’s existing global network of podcast companies across the UK, France, Nordics and Latin America, while this acquisition will enable Platform Media to expand to new international markets.
With over 50 members of staff and its own state-of-the-art studio in London, Platform Media will continue to be led by co-founders CEO Matthew Sherry, CSO Matt Sayward and executive director Rick Ankers.
The team is also bolstered by the permanent addition of former Somethin’ Else COO Paul Burdin. Burdin, who joins in the newly created role of Chief Profit Officer, has played a critical part in the M&A process as a consultant.
Matthew Sherry, Platform Media CEO, says: “From the moment we met PodX, something has just felt right. Our two businesses have many shared ambitions, mutual philosophies and an overarching entrepreneurial spirit.
“PodX believes in the unique vision and business model that underpins Platform Media, and we believe that PodX is right that companies like ours can enjoy huge benefits and economies of scale through consolidation and shared infrastructure.”
Matt Sayward, Platform Media CSO, says: “This company shows its true potential best when it takes big swings; whether that’s through launching brand-new shows with global talent, transforming the way leading brands engage with media, acquiring and levelling up existing IP, or expanding into new areas and territories.
“As we look to the future and our objectives for growth, we know that PodX are the partners we’ve been looking for that can unlock our ability to take even more big swings.”
Rick Ankers, Platform Media Executive Director and 21six Group CEO, says: “We developed this business through some of the most difficult times of our generation. The reason for its success has been our absolute focus on the human element of business.
“Personally, I have only ever been interested in working with good people and now, in PodX, we have found partners who are just that.”
Staffan Rosell, CEO and Member of the Board, PodX Group, says: “Adding Platform Media to the PodX Group is a significant step in building a leading global group within audio entertainment and beyond.
“Platform Media, with its status-quo-challenging approach, is one of the most exciting companies out there. They have truly pushed the boundaries for what it means to be a modern podcast company, and we see great potential to help scale the business in the UK and beyond.
“This acquisition further strengthens our position in the United Kingdom, and the English language market overall. We are acquiring a business with outstanding management at the highest level and a first-class track record. We wish Matthew, Matt, Rick, Paul and the rest of the team at Platform Media a very warm welcome.”
