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This is Recode Media with Peter Kafka.

That is me coming to you from one of the very small rooms at Vox Media headquarters in New York

City.

In a few minutes, you're going to hear me talk to John Thornton, venture capitalist, founder of the Texas Tribune. He's now running the American Journalism Project. That's a very good interview. Before we get there, just wanted to talk about a few things we've talked about recently on this podcast, and sometimes not on this podcast. Item one, Bill Simmons, the ringer, Spotify, as all of you know, Spotify is buying the ringer.

Zach Mack and I talked about that on a special semi-emergency podcast last week. At the time, I was speculating that Spotify might pay around $200 million for the ringer. And I was almost right. Lucas Shaw at Bloomberg reports that Spotify is going to pay as much as $250 million for the ringer.

That's $200 million up front.

$50 million over several years, continued on certain goals and Bill Simmons staying there.

So one, that's sort of an astonishing number.

And a credit to Bill Simmons and the team that built that business and specifically that podcast business. Number two, we don't know how any of this is going to play out for Spotify. It's going to take several years to figure out whether this was a good investment, bad investment, somewhere in between. So we'll be watching this for some time. If you're really into this stuff, there's going to be an SEC filing that's going to spell out exactly how Spotify is structuring this deal.

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