![]() It also includes an earnout of up to $30 million based on 2021 financial results and paid in 2022. The sale price of $325 million includes $265 million of cash upfront with an earnout of up to $30 million based on 2020 financial results and paid in 2021, noted Scripps. “Over and over, this strategy has proven effective as well as profitable for the company and its shareholders,” he added. “This sale is consistent with Scripps’ track record of growing businesses that capitalize on the evolution of consumers’ media habits and then unlocking shareholder value through spinoffs, exits and continued organic growth,” said Scripps president and CEO Adam Symson, in a statement. The deal means thousands of podcasts will move to the SiriusXM stable, including popular titles like Freakonomics Radio, How Did This Get Made?, SuperSoul Sunday from The Oprah Winfrey Network, Office Ladies, Conan O’Brien Needs a Friend, Literally! With Rob Lowe, LeVar Burton Reads, Comedy Bang! Bang!, and WTF with Marc Maron.Ĭombining Stitcher with SiriusXM’s satellite radio audience and Pandora (which SiriusXM acquired in 2018), the company says it will now have “the largest addressable audience” in the United States for digital audio, including music, sports, talk and podcasts, covering 150 million listeners. And it creates original podcasts and runs multiple content networks, via Earwolf. It also operates the Midroll Media network for podcast advertising, acquired for $55 million in 2015. Stitcher brings to SiriusXM its own mobile listening app, acquired for $4.5 million in 2016. Rumors of the acquisition started to surface at the end of June, and earlier this month The Wall Street Journal reported that it was worth $300 million. “Together, we can create a transformative one-stop shop to better meet the needs of podcast creators, publishers and advertisers-while also providing listeners with new ways to find and connect with great shows.” “With our team’s collective expertise in digital audio, analytics and ad tech, plus Stitcher’s deep experience in podcasting, I see significant opportunities ahead,” said Jim Meyer, CEO of SiriusXM, in an internal memo shared with TechCrunch. Stitcher is a podcast pioneer that provides a popular one-stop platform to create, monetize (via advertising) and distribute podcasts to listen to via its app and on multiple platforms, and that is precisely what SiriusXM would like to capitalise on. Scripps for $325 million, a return of more than double Scripps’ investment in podcasting, the companies reported this morning. The satellite radio company said it has reached a deal to acquire Stitcher from E.W. Less than a month after picking up Simplecast for its podcast distribution and analytics tools, SiriusXM today is announcing an even bigger acquisition to raise its game in the realm of streamed spoken-word content.
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