Following reports of the acquisition last week, SiriusXM has confirmed its plans to purchase podcast platform Stitcher from E.W. Scripps Co. for $265 million -- helping the satellite radio giant carve out a space in the growing podcast industry against rival Spotify.
The deal follows SiriusXM's acquisition of podcast hosting and distribution company Simplecast last month, and its 2019 purchase of online radio platform Pandora, where podcasters can upload their shows for distribution among its 61 million monthly listeners. Meanwhile, Spotify in February purchased sports media outlet The Ringer (a company known for its podcast network including The Bill Simmons Podcast) -- marking Spotify's fourth podcast-related purchase of the last 12 months, after its acquisitions of Anchor, Gimlet Media and Parcast. In mid-June, Spotify also announced an exclusive podcasting deal with Kim Kardashian West and multi-year, multi-project podcasting pact with Warner Bros.
"The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the fast-growing podcasting market,” SiriusXM CEO Jim Meyer said in a press release. "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. Stitcher has a talented team with deep experience in the podcast space, and we look forward to working with them to better meet the needs of creators, advertisers, and listeners."