In a deal worth up to $104 million, Insignia Capital Group LLC has acquired Veritone One and Oxford Road, two podcast advertising agencies.
The acquisition of Veritone One, a subsidiary of Veritone Inc., will have the final price determined by revenue targets set for the upcoming year. The sale of Veritone One will help Veritone reduce its debt.
In addition to Veritone One, Insignia is also purchasing Oxford Road, a privately held agency based in Los Angeles. This acquisition reflects Insignia's confidence in the growing podcast advertising market and the expected increase in sponsor spending.