Sprout Social, Inc. shares fall 3.17% intraday after acquiring NewsWhip Media Limited for $65 million.

Sprout Social, Inc. declined 3.17% during intraday trading. The company recently acquired NewsWhip Media Limited from The Associated Press, Inc. for $65 million, with the purchase price consisting of $55 million in cash and up to $10 million in performance-based cash earnouts. The acquisition was funded with Sprout's revolving credit facility and cash on its balance sheet. The NewsWhip team will join Sprout Social, bringing their expertise and innovative spirit to enhance the two companies' offerings.