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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

Go deeper

Asymptotic Florida students exposed to COVID no longer have to quarantine

Florida Gov. Ron DeSantis during a September news conference in Viera, Fla. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

Florida Gov. Ron DeSantis (R) announced Wednesday an emergency order allowing parents to decide whether their children should quarantine or stay in school if they're exposed to COVID-19, provided they're asymptomatic.

Why it matters: People infected with COVID-19 can spread the coronavirus starting from two days before they display symptoms, according to the CDC. Quarantine helps prevent the virus' spread, per the CDC.

Federal judge says Florida ban on "sanctuary cities" racially motivated

Florida Gov. Ron DeSantis. Photo: Joe Raedle/Getty Images

A federal judge on Tuesday struck down parts of a Florida law aimed at banning local governments from establishing "sanctuary city" policies, arguing in part that the law is racially motivated and that it has the support of hate groups.

Why it matters: In a 110-page ruling issued Tuesday, U.S. District Judge Beth Bloom said the law — signed and championed by Gov. Ron DeSantis (R) — violates the Constitution's Equal Protection Clause because it was adopted with discriminatory motives.

Biden steps into the breach

Sen. Joe Manchin heads to a meeting with President Biden today. Photo: Kevin Dietsch/Getty Images

President Biden ramped up the pressure on his fellow Democrats Wednesday, calling a series of lawmakers to the White House in the hope of ending infighting and getting them in line.

Why it matters: Divisions within the party are threatening to derail Biden's top priorities. After several weeks of letting negotiations play out, the president is finally asserting his power to ensure his own party doesn't block his agenda.