Sirius XM is purchasing podcast business Stitcher from E.W. Scripps for $325 million. The offer will press Sirius XM, understood for its satellite radio, even more into the podcast market, it stated 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, stated in a declaration. “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 handle Stitcher consists of the business’s broad choice of podcasts, consisting of SuperSoul Sunday from The Oprah Winfrey Network and Conan O’Brien Needs a Friend. The offer likewise consists of Stitcher’s 3 podcasting organization lines, consisting of marketing company Midrool, comedy-focused podcast manufacturer Earwolf and the ad-free podcast membership service Stitcher.
The offer is the most recent in a gold rush of digital music business purchasing up podcasting properties. Spotify, in specific, has actually been investing greatly in podcasting, stating that its users who are drawn into listening to podcasts invest a lot more time on its service than those who simply listen to music. Spotify’s objective in 2015 was to invest $400 million to $500 million simply to support podcasting, consisting ofof podcast business Gimlet and Anchor.
Back in 2018, Sirius XM consented to purchase music streaming service Pandora for $3.5 billion.
CNET’s Joan E. Solsman added to this report.