Swedish streaming service Spotify announced late last month a deal to acquire rising podcast network Parcast for an undisclosed amount.
Based in Woodland Hills, Parcast has two studios and about 20 employees. Since its founding in 2015, the network has gained national popularity with its crime and mystery podcasts.
Parcast is the latest in a string of investments into non-music audio by Spotify, following its acquisitions of Gimlet Media and Anchor FM earlier this year for $230 million and $110 million, respectively.
Read the full story in the April 15 issue of the San Fernando Valley Business Journal.