SiriusXM to acquire Stitcher in $325m deal!

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“As expected, SiriusXM has acquired podcasting platform Stitcher. But it’s done so for even more money than predicted. Last week, the Wall Street Journal got the scoop that Sirius was set to buy Stitcher from media company E.W Scripps, for a price in the region of $ 300m.”
“SiriusXM confirmed the deal on the 13th of July. It has agreed to make a cash payment of $ 265 million to Scripps, along with a potential $ 60 million in additional contingent payments based on Stitcher achieving certain financial metrics in 2020 and 2021.”
“The transaction is expected to close in the third quarter of 2020, subject to receipt of required regulatory approvals.” Music Business  reports.

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