Sirius XM buys podcast company Stitcher from EW Scripps for $ 325 million. The deal will push Sirius XM, known for its satellite radio, further into the podcast market, he said on Monday.
“The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the rapidly growing podcasting market,” said Jim Meyer, CEO of SiriusXM, in A declaration. “With Stitcher, we will expand our digital audio advertising presence and seek to generate new ways for creators to find and connect with their audiences.”
Sirius XM’s deal with Stitcher includes the company’s wide selection of podcasts, including SuperSoul Sunday from The Oprah Winfrey Network and Conan O’Brien Needs a Friend. The deal also includes Stitcher’s three podcasting lines of business, including advertising firm Midrool, comedy-focused podcast producer Earwolf, and ad-free podcast subscription service Stitcher.
The deal is the latest in a gold rush of digital music companies buying podcasting assets. Spotify, in particular, has invested heavily in podcasting, claiming that its users drawn to listening to podcasts spend significantly more time on its service than those who just listen to music. Spotify’s goal last year was to invest between $ 400 million and $ 500 million just to boost podcasting, includingfrom podcast companies Gimlet and Anchor.
In 2018, Sirius XM agreed to buy the music streaming service Pandora for $ 3.5 billion.
Joan E. Solsman of CNET contributed to this report.