Presidio Investors has sold Podium Entertainment to Flexpoint Ford and Shamrock Capital, completing an investment that began in 2019 when Podium was an early-stage, founder-led audiobook publisher. GoldState Music is joining the new ownership group as a minority investor. Financial terms of the transaction were not disclosed.
Los Angeles-based Podium is an independent publisher representing more than 3,000 authors and has grown into the third-largest audiobook publisher in the industry.
Since Presidio’s investment in 2019, Podium’s catalog has expanded from approximately 1,200 titles to more than 15,000 titles.
Presidio worked with CEO Scott Dickey and Podium’s management team to expand the company’s data-driven intellectual property acquisition capabilities and build larger positions in fantasy, romance and science fiction.
Podium also expanded beyond audiobooks into ebooks and print publishing. That strategy included the acquisition of Bookstat and new distribution relationships with Ingram, Audible and 11 additional retailers.
The company currently ranks as the second-largest publisher of romance audiobooks and the largest publisher of science fiction and fantasy audiobooks in the United States.
Its production network includes more than 1,500 narrators, while the company employs more than 100 people.
Following the transaction, former Spotify executive David Kaefer will join Podium’s Board of Directors.
Podium is also partnering with Ownership Works to establish an employee ownership program that will provide all Podium employees with an ownership stake in the company.
LionTree Advisors and FTI Consulting served as financial advisers to Podium and Presidio, while Ballard Spahr served as legal counsel. MNP and Deloitte served as tax advisers.
Flexpoint Ford was advised by Lazard and Latham & Watkins, while Paul Weiss advised Shamrock Capital. KPMG served as buy-side financial adviser.
KEY QUOTES:
“This is a proud moment for everyone who has been part of the Podium journey since 2019, and we’re excited for what comes next.”
Karl Schade, Managing Partner of Presidio Investors
“We are incredibly proud of the work we’ve accomplished to date on behalf of the thousands of authors and voice actors Podium represents, and alongside the tremendous support we received from Presidio Investors since 2019, but this is just the beginning of our story. Partnering with the Flexpoint, Shamrock, and GoldState teams represents an opportunity to rapidly extend our capabilities for the authors and storytellers who trust us every day to deliver their stories and grow their audiences. We firmly believe in Podium’s differentiated author service model which is built to attract, support, and retain the best storytellers in the world.”
Scott Dickey, Chief Executive Officer of Podium Entertainment
