Sirius XM (SIRI) - Get Sirius XM Holdings, Inc. Report is acquiring podcast production company, Stitcher, for $325 million. The company issued a statement on Monday, saying that this acquisition will "create the premier full-service platform for podcast creator, publishers, and advertisers."
The podcasting industry is making headlines these days as its audience is growing exponentially. One of the recent biggest headlines in the podcasting industry was the exclusive deal of audio streaming giant Spotify (SPOT) - Get Spotify Technology SA Report with popular podcaster Joe Rogan for more than $100 million.
It seems like SiriusXM doesn't want to be left behind, which might be the reason why it is acquiring Stitcher.
"The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the fast-growing podcasting market," said Sirius Chief Executive Jim Meyer in a statement. "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."
If you are unfamiliar with podcasting scene, then Stitcher might be a new name for you.
But, the company has been in the business for more than 11 years. Co-founded by Noah Shanok and Peter deVrode, Stitcher, which is owned by E.W. Scripps (SSP) - Get E. W. Scripps Company Class A Report, creates original podcasts and provides ad agency for leading show.
Some of the top Stitcher podcast include Freakonomics Radio, My Favorite Murder, How Did This Get Made?, SuperSoul Sunday from The Oprah Winfrey Network, Office Ladies, Conan O'Brien Needs a Friend, Literally! with Rob Lowe, LeVar Burton Reads, Comedy Bang! Bang!, and WTF with Marc Maron.
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