Audio entertainment giant SiriusXM has agreed to acquire podcast platform Stitcher from E.W. Scripps Co. for up to $325 million. Details:
Audio entertainment giant SiriusXM has struck a deal to acquire podcast platform Stitcher from E.W. Scripps Co. for up to $325 million.
At the closing, SiriusXM, controlled by john Malone's Liberty Media, will make a cash payment of $265 million to Scripps. SiriusXM will also potentially make up to $60 million in additional contingent payments based on Stitcher achieving certain financial metrics in 2020 and 2021, the companies said.In addition to the Stitcher app, the company also encompasses advertising arm Midroll Media and podcast network Earwolf, which is behind such shows as Scott Aukerman's.
The podcast industry has changed dramatically in the last few years following the entrance of music streaming company Spotify, which has scooped up podcast studios Gimlet, Parcast and The Ringer and landed exclusive streaming rights to several high-profile shows, including. Now, industry observers largely view the podcast landscape as a two-platform race between tech giants Spotify and Apple.
Scripps' Stitcher division brought in $17.1 million in operating revenue for the first quarter of the year, up 13 percent from the same period a year earlier.
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