Amazon and Spotify looking to buy Audioboom

Amazon.com Inc. and Spotify Technology SA are exploring bids for Audioboom Group Plc and may decide on formal offers for the podcasting group as soon as this month, Sky News said.

The two digital giants have been exploring rival bids in recent weeks, Sky News said, with Amazon working with JPMorgan Chase & Co. on its interest in Audioboom.

Shares of the London company have climbed 26% since the start of the year, with the bulk of the gains in the past two weeks, giving the company a market capitalization of 277.6 million pounds ($376 million).

Sky News said an offer from either of the companies will likely fetch a “significant” premium to its close on Friday.

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Amazon and Spotify looking to buy Audioboom