SiriusXM to buy Stitcher for up to $325M

Monday, 13. July 2020 15:24

Audio entertainment company SiriusXM announced on Monday that it will acquire Internet radio service Stitcher from The E.W. Scripps Company.

The transaction will consist of a cash payment of $265 million to Scripps, with an additional $60 million to be paid out if Stitcher meets certain financial requirements in 2020 and 2021. The deal is expected to be finalized in the third quarter of 2020 upon completion of regulatory approvals.

"The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the fast-growing podcasting market. 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," SiriusXM's CEO Jim Meyer commented in a statement.

Related Links: Sirius XM Holdings Inc.
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Breaking the News / MS