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)

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