Deals for buying SiriusXM Stitcher Podcast Network – Variety2 min read
SiriusXM is closing a deal to acquire EW Scripps Co.’s stitcher podcast production, distribution and advertising unit, Diversity Confirmed
SiriusXM’s deal for Stitcher will be worth about 300 300 million, according to the Wall Street Journal, which first reported the news. Scripps bought the Stitcher in 2016 for 4. 4.5 million, merging with Middle Media (which bought it for ৫ 5 million a year ago).
According to someone familiar with the talks, the deal was not finalized at this time. The deal would take SiriusXMK to a major position in the U.S. podcasting business in the vault, and would extend the footprint of the satellite radio company across all audio-entertainment formats. By buying Stitcher, SiriusXM will become a major podcast player – and it will continue M&A in the steady-hot sector following Spotify’s purchase spree over the past year (which includes Gimlet Media and The Ranger purchase).
Comments for SiriusXM and EW Scripps did not respond to a request for comment.
SiriusXM completed a 3 billion deal for streaming music and podcast company Pandora last year. According to sources familiar with the discussion, the digital platforms owned and operated by SiriusXM and Pandora will reach more than 150 million listeners with Stitcher and SoundCloud for the United States for exclusive advertising-sales partnerships between Midroll and SiriusXM.
Stitcher’s podcasts include Oprah Winfrey Network’s “Freconomics Radio,” “How was it made?”, “Supersul Sunday”, “Office Woman”, “Canaan O’Brien Needs a Friend!” “Literally! With Rob Low,” “Lever Burton Reeds,” “Comedy Bang! Bang!”, And “WTF with Mark Maron.”
Stitcher also operates a popular mobile app platform that allows users to stream free podcasts in a variety of categories, including advertising. Alternatively, users can access Stitcher’s monthly 5 monthly premium subscription levels without ads, as well as exclusive bonus podcast episodes and more than 300 comedy albums. Stitcher acts as a sales and marketing agent to connect advertisers and podcasts through Midroll Media.
Last month, SiriusXM announced the acquisition of Simplecast, a podcast management and analysis platform. Pandora previously bought Advertising, an audio advertising technology and monetization platform.
Stitcher is led by CEO Eric Dihen, who joined EW Scripps by acquiring a midroll.