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SiriusXM to buy podcast business of Scripps for up to US$325m

[BENGALURU] Sirius XM Holdings said on Monday it will buy EW Scripps' podcast business, Stitcher, for up to US$325 million, as the US satellite radio company pushes further into the podcast space.

Stitcher streams popular podcasts such as Freakonomics Radio, Conan O'Brien Needs a Friend and My Favorite Murder and will help SiriusXM better compete with the podcast libraries of Apple and Spotify Technology.

Last year, SiriusXM signed a multi-year deal with Walt Disney, allowing it to create exclusive weekly podcasts including five new series on popular Marvel characters such as Wolverine, Hawkeye, Black Widow and Star-Lord.

SiriusXM, which bought online music service Pandora Media in a US$3.5 billion deal in 2018 to compete with streaming giants such as Spotify, has been investing to bolster its podcast business.

Under terms of the deal, SiriusXM will pay US$265 million in cash to Scripps, followed by US$60 million in additional contingent payments based on Stitcher achieving certain financial metrics in 2020 and 2021.

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The deal is expected to close in the third quarter of 2020, the company said. 

REUTERS

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