Sirius XM buys podcast company Stitcher for $325M
The deal gives Sirius XM a tighter grip on the podcast market.
Sirius XM agreed to acquire Stitcher for $325 million.
Sirius XM is buying podcast company Stitcher from E.W. Scripps for $325 million. The deal will push Sirius XM, known for its satellite radio, further into the podcast market, it said on Monday.
"The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the fast-growing podcasting market," Jim Meyer, SiriusXM's CEO, said in a statement. "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."
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 business lines, including advertising firm Midrool, comedy-focused podcast producer Earwolf and the ad-free podcast subscription service Stitcher.
The deal is the latest in a gold rush of digital music companies buying up podcasting assets. Spotify , in particular, has been investing heavily in podcasting, saying that its users who are drawn into listening to podcasts spend much more time on its service than those who just listen to music. Spotify's goal last year was to invest $400 million to $500 million just to shore up podcasting, including big-dollar purchases of podcast companies Gimlet and Anchor.
Back in 2018, Sirius XM agreed to buy music streaming service Pandora for $3.5 billion.
CNET's Joan E. Solsman contributed to this report.