Wednesday 25 February 2026, 4pm GMT
Hilco is seeking offers to acquire the intellectual property assets of What’s The Story? Sounds Limited (In Liquidation) (“What’s The Story? Sounds”, “WTS” or the “Company”) on behalf of the Liquidator of the Company, Brian Baker of Moore Kingston Smith & Partners LLP.
Founded in 2020, What’s The Story? Sounds quickly established itself as one of the UK’s most respected independent podcast producers. The Company developed a portfolio of distinctive, globally recognised series across true crime, documentary, and entertainment genres, working with major platforms such as BBC, CBC, Amazon, Podimo, Wondery, NBC, and Spotify.
Among WTS’s most commercially and critically successful properties is The Missing, a flagship true crime series that has now surpassed 9 million downloads. Originally commissioned by Podimo and Amazon, the series was later self-published and now delivers significant ongoing advertising income, with enduring audience engagement and commercial traction marking it out as the crown jewel of the Company’s IP portfolio. Another standout success is Con Juan, a compelling narrative podcast that caught the attention of US platform Wondery, resulting in a distribution deal for exclusive release on Wondery. In parallel, the Company struck a non-scripted TV adaptation agreement with LPZ Media. The story’s real-life character, Juan Carlos Guzman Betancur, is secured under exclusive contributor terms, adding unique commercial value for any future development of the podcast IP.
Further demonstrating the Company’s international credentials, Sea of Lies, a premium investigative series commissioned by Canadian public broadcaster CBC, extended the WTS brand into North American territory. Notably, Sea of Lies was awarded Best True Crime Podcast at the Ambies (The Podcast Academy Awards), widely regarded as the most prestigious international awards body recognising excellence in podcasting. This accolade places Sea of Lies among the highest-quality true crime productions globally and materially enhances its commercial value and adaptation potential. This follows the earlier success of The Many Lies of Albert Walker, also co-produced with CBC, reinforcing the Company’s ability to deliver content for multiple English-language markets at scale. WTS also holds full rights to Smoking Gun, a hard-hitting, forensic crime series that has already achieved over 2 million downloads. With true crime continuing to dominate podcast charts worldwide, Smoking Gun remains a highly monetisable concept with strong ad-funded earnings and untapped potential for TV adaptation or documentary format licensing
For the 18-month period to 31 December 2023, the Company reported a turnover of c. £923k, with revenues being a mix of commissioned production fees from the likes of the BBC, CBC and Spotify and ongoing ad sales from its titles, led by The Missing.
WTS brand has become renowned for premium factual storytelling. With over 20 titles in its library and a growing track record of international partnerships and cross-platform appeal, this presents a rare opportunity to acquire a proven portfolio of audio IP primed for further monetisation and format development.
The What’s The Story? Sounds brand rapidly established itself as a distinctive name in premium podcast production. With a focus on compelling factual narratives and a reputation for high production values, WTS built a strong reputation among listeners, commissioners, and industry partners alike. The brand’s titles, most notably The Missing, Con Juan, Sea of Lies, and Smoking Gun, have achieved standout success, cementing the brand’s position as a trusted source of world-class storytelling.
From its inception, the WTS brand was designed with broad commercial potential. Through collaborations with leading commissioners such as BBC, CBC, Amazon, Podimo, Wondery, and Spotify, the brand successfully carved out a space in a competitive market. The brand’s global scalability and track record of international distribution make it a highly attractive asset for media groups, streaming platforms, and investors seeking IP with proven audience engagement and monetisation.
The strength of the WTS brand extends far beyond its podcast portfolio, with the IP already showing cross-platform potential through TV adaptation agreements and format development partnerships with industry leaders. Combined with the versatility of its back catalogue and the popularity of the true crime genre, acquiring the brand and IP presents further opportunities for derivative works, sponsorships, and digital extensions.
Acquiring the WTS brand offers a rare opportunity to take ownership of a market-recognised name in narrative audio, primed for growth across new territories and platforms to deliver long-term commercial success across the podcast, television, and wider entertainment landscape.
The Company likely hold rights in several unregistered trade marks, including rights associated with the “What’s The Story? Sounds” brand name and logo. In addition, the Company is likely to hold enforceable unregistered rights in the titles of its leading podcasts by virtue of their extensive commercial use, audience recognition, and industry reputation.
The What’s The Story? Sounds pocast portfolio showcases the Company’s ability to deliver distinctive, high-quality narrative content with proven audience traction and monetisation potential. At its core are four flagship titles that exemplify the strength of the brand and its commercial appeal:
The Missing
A cornerstone of the WTS catalogue and one of the UK’s most prominent true crime podcasts. With over 9 million downloads, the series was commissioned by Podimo and Amazon before transitioning to a self-published model, now generating substantial monthly advertising revenue. The title’s combination of investigative storytelling and real-world impact has cemented it as a highly marketable, ever-popular property.
Con Juan
A compelling true crime narrative centred on master conman Juan Carlos Guzman Betancur. Backed by a previous distribution deal with Wondery, and a non-scripted adaptation agreement with LPZ Media, this title has a strong pipeline for future derivative revenue.
Sea of Lies
Commissioned by CBC, this international investigative series demonstrates WTS’s global production reach. The series has reinforced the Company’s reputation as a premium supplier for leading broadcasters.
Smoking Gun
A forensic true crime series with over 2 million downloads, built on detailed casework and high production values. With consistent ad-funded revenue and enduring genre appeal, Smoking Gun represents a commercially robust asset with untapped adaptation potential.
Supporting these flagship titles is a broader catalogue of commissioned and self-published series, including Faceless (NBC), Emily Atack: Lie Detector (Spotify), The Footballers’ Football Podcast (BBC), Death on the Farm (BBC), and The List of Absolutely Everything… (Podimo). The Company’s diverse slate underlines WTS’s track record of delivering both high-value commissioned content and ad-funded originals, positioning the portfolio as a scalable, multi-platform podcast library. In addition, a development slate of new podcast concepts is also available to acquire, providing a further opportunity for an acquirer to expand the brand with pipeline content primed for future production and monetisation.
Acquiring these podcast assets provides an opportunity to own an audience-tested catalogue with established revenue streams, high-profile industry relationships, and clear scope for international format development.
The Company holds the primary whatsthestorysounds.com domain name, which is available to acquire.
The Company likely holds the copyright in the website content hosted at its domain, which serves as the central hub for showcasing its podcast portfolio, company background, and team credentials. The website reinforces the WTS brand’s premium positioning through clear, professional design and content focused on its award-winning series and industry partnerships.
Rights in social media accounts are also available to acquire across Instagram, LinkedIn, Twitter, TikTok and Facebook.
Full details on the Company’s social media accounts are available via a virtual data room.
The Company maintains a database of subscribers who have opted in via its website to receive updates on new podcast releases and related announcements.
Prospective purchasers should note that certain podcasts within the Company’s portfolio may be subject to existing third-party rights, including (without limitation) commissioning agreements, distribution arrangements, co-production partnerships, and other contractual restrictions. Any transfer of assets will be subject to the terms of such agreements, and interested parties should undertake their own legal due diligence to confirm the precise scope of rights available.
In particular, the following applies to Sea of Lies:
Offers are due Wednesday 25 February 2026, 4pm GMT .
All expressions of interest and indicative offers are to be directed to Hilco in writing. A Bid Submission Form is available on request. Please contact Hilco to gain access to a virtual data room for further information on signing a confidentiality agreement.
Hilco is acting as exclusive agent to the Company and its Liquidator in connection with the proposed sale of some or all of the Company’s assets. The Liquidator acts as an agent of the Company and without personal liability.
All sales are made strictly on an “as is, where is” basis. Only such right, title and interest (if any) as the Company may have in the assets will be transferred to a purchaser. No warranties, guarantees, or representations (express or implied) are provided by the Company, its Liquidator, or Hilco in respect of the assets or any information supplied. All parties must rely on their own enquiries and due diligence. Any information provided is for convenience only and has not been independently verified.
All offers are subject to the addition of VAT at the prevailing rate, where applicable. A non-refundable deposit equal to 20% of the agreed purchase price must be paid by the successful purchaser within 48 hours of offer acceptance. Payment of the deposit grants the purchaser the exclusive right to proceed with the acquisition of the relevant assets for a limited period and on the terms agreed. A Buyer’s Premium of 10% of the final purchase price is payable by the successful purchaser in addition to the agreed purchase price, is non-negotiable and is payable at the same time and in the same manner as the purchase price and forms a condition of sale.
Legal completion must occur within five (5) business days of offer acceptance, unless otherwise agreed in writing by the Company and its Liquidator.
