SiriusXM (NASDAQ: SIRI) acquired Conan O’Brien’s podcast company in a deal valued at around $150 million, WSJ reports.
The satellite radio company has bought O’Brien’s hit podcast, ‘Conan O’Brien Needs a Friend’, with his digital media company Team Coco and its network of ten podcasts.
The vast majority of Team Coco was owned by O’Brien, along with general manager Jeff Ross. Team Coco podcasts, including O’Brien’s flagship show and an existing spin-off, will continue to be distributed across all major podcasting platforms.
The online streaming company operates out of a Hollywood headquarters that employs around 50 people, now SIRI employees. The deal also comes with a five-year talent deal with Mr. O’Brien.
Additionally, Sirius now has a portfolio of social media channels that Team Coco has been nurturing with content for over a decade. Music videos distributed on these channels generated approximately $10 million in ad revenue last year. O’Brien retains ownership of its namesake content and grants Sirius (SIRI) the rights to sell advertisements on those clips.
The acquisition marks one of the biggest moves Sirius (SIRI) has ever made in the race among audio companies to secure deals with highly-following podcasters. In 2021, the company acquired 99% Invisible, known for its namesake series on architecture and design.
SIRI sharing ~1% pre-marketing