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SiriusXM to acquire the Stitcher podcast platform

 


TECHNOLOGY

3:50 p.m. PDT 07/07/2020

by

Natalie Jarvey

EW Scripps has been purchasing the podcast platform for several months.

SiriusXM is in advanced talks to acquire the Stitcher podcast platform from EW Scripps Co., sources say. The Hollywood Reporter.

The acquisition allows the satellite radio company to gain a foothold in the emerging podcast sector, led by its audio rival Spotify. The deal is expected to be announced later this week, the sources said.

A spokesperson for SiriusXM did not respond to a request for comment. A spokeswoman for Stitcher declined to comment.

In addition to the Stitcher app, the company also includes the Midroll Media advertising arm and the Earwolf podcast network, which is behind shows like Scott Aukerman. Comedy Bang! Stroke! and Office Ladies. The management team has years of podcasting experience, which can help build Sirius’ expertise in the rapidly growing field.

The deal follows Sirius’ mid-June acquisition of podcast hosting and distribution company Simplecast, which works with customers like Netflix. Sirius – which serves as the exclusive residence for Howard Stern – developed its podcast activity with the acquisition in 2019 of the Pandora online radio platform, which allows podcasters to download their programs for distribution among its 61 million monthly auditors.

Stitcher was launched in 2008 to offer an alternative to Apple podcasts. After a brief period of ownership by Deezer, Scripps acquired the company in 2016.

The podcast industry has changed dramatically in recent years following the entry of music streaming company Spotify, which took over podcast studios Gimlet, Parcast and The Ringer and obtained exclusive streaming rights to several shows of high level, in particular The Joe Rogan experience. Now, industry observers widely view the podcast landscape as a two-platform race between tech giants Spotify and Apple.

The Stitcher app, which offers more than 100,000 titles, is an alternative to Spotify or Apple Podcasts. A premium version of the app, which costs $ 5 per month (or $ 35 for the year), removes ads and offers exclusive, early access programming.

Scripps’ Stitcher division generated operating revenues of $ 17.1 million for the first quarter of the year, up 13% from the same period a year earlier.

Scripps has been trying to unload Stitcher for some time because he faces pressures in his core business of local television. But the once sparkling podcast market has gone through its own rocky period, with the coronavirus pandemic causing a slowdown in the advertising market and a decline in audience. (The two appear to have returned to relatively stable levels as the closure continued.) Sources indicate THR that Sony Music also looked at Stitcher, who hoped to earn about $ 300 million from the sale.

Wall Street newspaper previously reported on the negotiations of the agreement.



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