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Satellite radio giant SiriusXM has completed its acquisition of podcast platform Stitcher.
The company unveiled the closing of the deal, which it had announced this summer and which called for it to pay E.W. Scripps Co. up to $325 million, on Monday morning.
“Alongside Pandora, Simplecast and AdsWizz, Stitcher strengthens SiriusXM’s position in this fast-growing area,” the company, led by CEO Jim Meyer, said. “By combining Stitcher’s leading programming and advertising networks with SiriusXM’s existing suite of hosting and ad technology tools, the company expands its pre-eminent position in digital audio advertising while generating new ways for creators to find and connect with a broader audience.”
Said Meyer: “We are deepening our position in podcasting, the fastest-growing sector in digital audio, and with completion of this transaction, our vision is taking shape. With Stitcher and its varied assets, we are now a one-stop shop able to meet the needs of podcast creators, publishers and advertisers, while also providing listeners with access to great shows, series and programming.”
Erik Diehn, CEO of Stitcher, will report to Scott Greenstein, president and chief content officer of SiriusXM, who also oversees content at Pandora. Stitcher’s chief revenue officer Sarah van Mosel will report to John Trimble, chief advertising revenue officer at SiriusXM.
Top Stitcher podcasts include Freakonomics Radio, My Favorite Murder, SuperSoul Conversations from the Oprah Winfrey Network, Office Ladies, Conan O’Brien Needs a Friend, Literally! with Rob Lowe, and WTF with Marc Maron.
SiriusXM said it can now focus on growth opportunities by “reaching more than 150 million listeners across its combined properties, the largest addressable audience in North America across all categories of digital audio– music, sports, talk, and podcasts.”
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