SiriusXM has signed a deal to purchase the podcast company Stitcher from E.W. Scripps Co. The deal will require SiriusXM to make a cash payment of $265 million to Scripps and is expected to close in the third quarter of 2020.
As Inside Radio reports, by “adding the Stitcher and Midroll networks to its existing digital platforms – which also include Pandora and an exclusive ad sales arrangement with SoundCloud for the U.S. – [SiriusXM] will reach over 150 million listeners.”
The deal, which will combine the largest digital audio salesforce with a leading podcast ad network, is “yet another example of how rapidly the Podcast space is growing and evolving,” said Hilary Randall, Podcast Account Manager at Strategic Media, Inc.
Lisa Risk, Podcast Strategist, agreed. “The continued growth and attention in the podcast space is a good thing; both for the industry as a whole and for its advertisers,” she said.
As SiriusXM expands its digital audio advertising presence, we at SMI look forward to the ways the company’s expansion could augment our clients’ growth. “SMI has partnered with SiriusXM for years and is excited for the opportunities this will bring to our clients,” said Bob Leonard, Director of Client Development.