SiriusXM to Buy Stitcher Podcasting Unit From Scripps
July 06 2020 - 7:09PM
Dow Jones News
By Anne Steele
Sirius XM Holdings Inc. is near a deal to buy E.W. Scripps Co.'s
Stitcher Inc. podcasting unit for around $300 million, according to
people familiar with the matter.
The satellite-radio giant is working to expand into the rapidly
growing podcasting industry, following similar moves by media and
tech companies including Spotify Technology SA and iHeartMedia
Inc.
Stitcher runs a free podcast listening app and a premium $4.99
monthly service that lets subscribers listen to podcasts without
ads. It also owns podcast networks including Earwolf and Stitcher
Podcasts. In partnership with outside networks and shows, Stitcher
distributes other podcasts and sells advertising for them through
its Midroll Media advertising unit.
(END) Dow Jones Newswires
July 06, 2020 18:54 ET (22:54 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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