Satellite radio company SiriusXM has announced that it will acquire podcast platform Stitcher from around $325 million. The latest acquisition comes from SiriusXM after acquiring Pandora for $3.5 billion in 2018.
The Stitcher acquisition will, according to SiriusXM, with the addition of the Stitcher and Midroll networks to its existing assets, the company will reach over 150 million monthly listeners across multiple platforms.
SiriusXM expects to expand its digital audio advertising presence and generate new ways for creators to find and connect with their audiences. The deal is expected to close in the third quarter of 2020.
Source: Reuters
