Scribd Inc., an online platform for podcasts, e-books, audio books, magazines and news, is in discussions to potentially go public in 4Q 2021, according to Bloomberg. The company has held talks with potential advisers about an initial public offering or merger “with a blank-check company.” Scribd could be valued at about $1 billion.
Launched in 2007, the subscription service for online content raised $58 million in its most recent funding round in 2019, led by Spectrum Equity, according to a statement at the time, as reported by Bloomberg. The company was last valued at about $450 million in 2019, according to its story sources.
“We do not have a comment about an IPO, but I can tell you that we continue to assess the best path forward for the Scribd business and its shareholders,” Trip Adler, the company’s Co-Founder and CEO, said in an emailed statement.
Bloomberg explains that demand for audio content continues to grow: In June, Spotify acquired podcast-preview generator Podz; and in December, Amazon.com—which owns Scribd competitor Audible—bought podcasting company Wondery. Amazon followed that purchase with the acquisition of podcast-hosting platform Art19 in June.