SiriusXM Says $265M Stitcher Buy Will ‘Deepen’ Its Podcasting ‘Position’
SiriusXM agreed to buy the Stitcher podcast business from Scripps for $265 million cash, said the satellite company Monday. It “will advance and deepen SiriusXM's position in podcasting, the fastest-growing sector in the audio entertainment ecosystem,” it said. SiriusXM agreed…
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to make up to $60 million more in “additional contingent payments” to Scripps if Stitcher achieves unspecified “financial metrics” this year and next, it said. The deal will better position SiriusXM “to advance the podcast ad market,” it said: Q3 closing hinges on required regulatory approvals and other conditions..