![]() ![]() ![]() CNBC's Julia Boorstin contributed to this report. The stock was down 4.7% Wednesday, dragging its market value down $1.3 billion, bringing it to $27 billion. The company reported quarterly revenue of 1.86 billion euros compared with 1.89 billion euros, according to Refinitiv. Spotify reported a fourth-quarter loss per share of 1.14 euros compared with a loss of 0.22 euros analysts were expecting, according to Refinitiv. We expect management to meet promptly with the bargaining committee to discuss these matters." "After weeks of public reports about a potential sale circulating without comment from our senior managers, we look forward to hearing from about how this transaction will affect our day-to-day work. "We anticipate a productive relationship with new management for all Ringer staff members," the groups said. The Ringer Union and Writers Guild of America East, which was recognized by management in August, tweeted a statement following the news of the deal. "It's really about expanding our mission from just being about music to being about all of audio and being the world's leading audio platform," Ek said at the time on " Squawk on the Street." Spotify said in a press release its hopes The Ringer deal will help it become "the world's leading audio platform." In an interview with CNBC's Jim Cramer and David Faber following Spotify's announcement of the Gimlet and Anchor deals last year, Ek compared the ramped-up investment in podcast companies to Netflix's investment in original content, though he said it won't be at the same scale. "We're just very excited about it, and yeah, we will invest in that trend," he said. ![]() "We think that's going to be a tremendously valuable property as we look at the development of sports over the next decade and the billions of people that will start listening to audio." "What we really did with The Ringer, I think, is we bought the next ESPN," Spotify CEO Daniel Ek told analysts on a call following the company's fourth-quarter 2019 earnings report Wednesday. The Ringer, founded by sports writer Bill Simmons in 2016, has more than 30 podcasts in its network, including "The Bill Simmons Podcast," "The Rewatchables" and "The Ryen Russillo Podcast." It also produces nonscripted films, books and online content. The Ringer is a 1952 British mystery film directed by Guy Hamilton and starring Herbert Lom, Donald Wolfit, Mai Zetterling, Greta Gynt, William Hartnell, and Denholm Elliott. The deal follows three podcast acquisitions Spotify made last year: Gimlet Media and Anchor, which it acquired for a total of about $340 million, and Parcast, which it acquired for about $55 million. ![]()
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