Bill Simmons. Photo: Mike Windle / Staff/Getty Images

Spotify disclosed in an SEC filing Wednesday that it is paying up to $196 million for The Ringer, a sports media company founded by former ESPN personality Bill Simmons.

Why it matters: It's a solid payout for The Ringer, which was created just four years ago. The Ringer's podcast revenues surpassed $15 million in 2018, and the company says it's profitable.

Details: Spotify said it entered a deal with The Ringer to pay between €130 million and €180 million (roughly $140 million and $196 million), subject to closing costs as well as deferred payments.

  • The deferred payments are based on contingencies, like performance and whether executives from The Ringer stay with Spotify after the deal closes for an unknown period of time.

The big picture: The acquisition speaks to Spotify's massive investment in podcasting over the past year, as the company aims to expand its offering solely from music to audio, including podcasts.

  • Spotify spent nearly $400 million to acquire podcast companies last year, after committing to spending at least $500 million on podcasting at the beginning of that year. This acquisition means Spotify has exceeded its upfront commitment.

Go deeper: Spotify acquires Bill Simmons' "The Ringer" to boost podcast business

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Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.