SiriusXM has purchased the podcasting platform Stitcher from E.W. Scripps for $325 million. Sirius has been in talks for weeks to purchase Stitcher. Stitcher is a podcasting platform that was owned by the company behind Conan O’Brien Needs A Friend and other major podcasts.
With the purchase, Sirius is setting themselves up to compete with Podcasting powerhouses such as Apple Podcast, Spotify, and iHeartMedia. The podcasting game has been getting extremely competitive with names like Joe Rogan being signed to exclusive deals with Spotify and other platforms buying up podcasting platforms and production companies.
“With this acquisition, SiriusXM’s combined properties will contain the largest addressable audience in the US across all categories of digital audio — reaching over 150 million listeners,” Sirius Chief Executive Jim Meyer said in a memo to staff Monday.
Sirius has been slowly moving into the podcasting space as they purchased Pandora for $3.5 billion in 2018. Pandora is best known as a music streaming platform but has many podcasts featured on their service.
According to the New York Post, Sirius will make a $265 million cash payment to Scripps and then an additional $60 million that is contingent to Stitcher meeting financial metrics in 2020 and 2021. Scripps has been shopping Stitcher around for a few months now as they have had pressure on their core TV businesses.