SiriusXM Reaches Deal To Acquire Stitcher For $325M
“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”
SiriusXM is set to acquire Stitcher for $325M. The company will now have the largest addressable audience in the US for digital audio, including music, sports, talk and podcasts, covering 150 million listeners — according to Stitcher.
📻 Sale includes $265M of cash upfront with an earnout of up to $30M based on 2020 financial results and paid in 2021.
📻 Will expand the company’s existing suite of podcast hosting, analytics, insights, and marketplace offerings.
📻 Looks to capitalize on Stitchers capabilities to create, monetize (thru advertising) and distribute podcasts to listen to via its app and on multiple platforms.
📻 Deal gives SiriusXM popular titles like Freakonomics Radio, How Did This Get Made?, SuperSoul Sunday from The Oprah Winfrey Network Conan O’Brien Needs a Friend, and more.
The move addresses some growing trends in the space around growth, engagement, and the progression towards exclusivity. The company had doubled down on its focus on podcasts after acquiring Simplecast, a podcast management and analytics platform used by creators to publish and distribute podcasts along with ad tech and monetization platform AdsWizz.