SiriusXM buys Stitcher for $325 million, steps up its march into podcasts

Less than a month after picking up Simplecastfor its podcast distribution and analytics tools, SiriusXM today is announcing an even bigger acquisition to raise its game in the realm of streamed spoken-word content. The satellite radio companysaid it has reached a deal to acquireStitcher from E.W. Scripps for $325 million, a return ofmore than double Scripps investment in podcasting, the companies reported this morning. Stitcher is a podcast pioneer that provides a popular one-stop platform to create, monetize (via advertising) and distribute podcasts to listen to via its app and on multiple platforms, and that is precisely what SiriusXM would like to capitalise on.
With our teams collective expertise in digital audio, analytics and ad tech, plusStitchers deep experience in podcasting, I see significant opportunities ahead, said Jim Meyer, CEO of SiriusXM, in an internal memo shared with TechCrunch. Together, we can create a transformative one-stop shop to better meet the needs of podcast creators, publishers and advertiserswhile also providing listeners with new ways to find and connect with great shows.
Rumors of the acquisition started to surface at the end of June, and earlier this monththe Wall Street Journalreported that it was worth $300 million.
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