SiriusXM has confirmed its acquisition of Stitcher as the US satellite broadcaster further boosts its stake in the crazy world of podcasts.
The Stitcher deal follows SiriusXM's purchase of podcast distribution network Simplecast last month, while the online advertising company it acquired in 2018 - Adwizz - is also active in the podcasting domain. By buying Stitcher, Sirius XM gets itself another significant podcast aggregator as well as a podcast production business and another ad sales network.
The new deal is worth $325 million, albeit with $60 million of that being contingent on certain performance targets being met. Current owner EW Scripps Co paid $4.5 million when it bought the main Stitcher business off Deezer back in 2016, although the ad network part of the company - aka Midroll Media - actually came from an earlier acquisition that cost $55 million. But still, that's a pretty decent mark up for media firm Scripps.
"The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the fast-growing podcasting market", SiriusXM CEO Jim Meyer declared yesterday. "With Stitcher, we will expand our digital audio advertising presence and look to generate new ways for creators to find and connect with their audiences. Stitcher has a talented team with deep experience in the podcast space, and we look forward to working with them to better meet the needs of creators, advertisers and listeners".