Sirius XM buys podcast company Stitcher for $325 million

From CNET: Sirius XM is buying podcast company Stitcher from E.W. Scripps for $325 million. The deal will push Sirius XM, known for its satellite radio, further into the podcast market, it said on Monday.

"The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the fast-growing podcasting market," Jim Meyer, SiriusXM's CEO, said in a 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."

Sirius XM's deal with Stitcher includes the company's wide selection of podcasts including SuperSoul Sunday from The Oprah Winfrey Network and Conan O'Brien Needs a Friend among others. The deal also includes Stitcher's three podcasting business lines including advertising firm, Midrool, comedy-focused podcast producer, Earwolf and the ad-free podcast subscription service, Stitcher.

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