PodX Group Strikes Deal To Buy Podcast Studio Lemonada Media.

PodX Group, the Stockholm-based a international podcast company, has struck a deal to acquire a majority stake in Lemonada Media. It brings PodX Group into the U.S. market, after having expanded across Europe in recent years.

Lemonada Media is a known for hits like Wiser Than Me with Julia Louis-Dreyfus, Fail Better with David Duchovny, and a lineup that fits under its “make life suck less” vision. Once the acquisition closes, PodX Group and Lemonada Media say they leverage each other’s strengths to drive future expansion. Lemonada Media will continue to operate under its existing leadership, team, talent, partners and brand, while benefiting from PodX Group’s strategic support and international infrastructure. 

Financial terms of the transaction were not released, but Bloomberg valued the deal at around $30 million.

“This is a landmark transaction, once completed, and will take both PodX and Lemonada into an even greater trajectory, “ said Patrick Svensk, CEO of PodX Group. “By joining forces, we see tremendous opportunities to amplify these stories on a global scale and continue innovating in the podcasting space. When completed, the partnership is a significant step toward our vision of a truly international podcast group, and will strengthen our portfolio and our presence in the crucial U.S. market,” he said in a statement.

Lemonada Media was founded in 2019 by Jessica Cordova Kramer and Stephanie Wittels Wachs with the Last Day podcast. The network has since grown to more than 50 original podcasts to date alongside nearly 40 partner shows. Three years ago, Lemonada raised $8 million in funding from several venture capital firms, but more recently has been looking for a buyer. Lemonada hired bankers last year to run the sale process.

“PodX’s global expertise and shared passion for impactful audio content will help amplify the voices and stories we believe the world needs to hear and allow us to work alongside best-in-class peer companies worldwide,” said Cordova Kramer and Wittels Wachs in a joint statement. “When the deal is done, we will be PodX's first U.S. partner, and we're proud to bring our authentic storytelling approach to the existing global family and thrilled about the possibilities that lie ahead as we continue turning lemons into lemonade, now on a much larger scale." 

PodX Group says Lemonada Media experienced “skyrocketing revenue and audience growth” last year, and is among the top three independent podcast networks based on audience and revenue size.

In recent years, PodX Group has brought a number of notable podcast studios together, such as Nouvelles Écoutes and Studio Minuit in France, Posta in Argentina, Oronda Studio in Mexico, Filt, Perfect Day and Suomen Podcastmedia in the Nordics, and Goldhawk Productions, Listen and Platform Media in the UK.

“When we founded Lemonada Media in 2019 after the devastating loss of our brothers, we had a simple yet salient mission: to make life suck less. What began as a way for us to channel our own grief into something meaningful has grown into one of the biggest podcast networks in the U.S., and one that connects, heals, and entertains,” said Cordova Kramer and Wittels Wach. “Joining the PodX network would mark an exciting new chapter in Lemonada’s story.”