Google is acquiring a radio advertising company, paying $102 million in cash for dMarc Broadcasting, in a transaction that could eventually pay the privately-held firm as much as $1.136 billion over the next three years.

"We anticipate that this acquisition will bring new ad dollars and accountability to radio by combining Google's expansive network of advertisers with dMarc's talented team and innovative radio advertising technology," said Google's Tim Armstrong, vice president of Advertising Sales in a statement announcing the acquisition Tuesday.

Google said it plans to create a new radio ad distribution channel by integrating dMarc's technology into Google's AdWords platform. dMarc assists broadcasters by automatically scheduling and placing advertising. Working to connect advertisers directly to radio stations via its automated advertising platform, dMarc simplifies the radio advertising food chain from sales to tracking, according to the announcement.

The deal calls for Google to make cash payments to dMarc from time to time, as certain business targets are met over the next three years. Google added that the payments could be "substantially lower" than $1.136 billion mentioned in the announcement.