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Sirius XM said it has agreed to buy podcasting company Stitcher for $325 million, the biggest deal in podcast history.
Stitcher runs a free podcast listening app and a premium $4.99 monthly service that lets subscribers listen to podcasts ad-free. It also produces shows under its Earwolf and Stitcher brands, such as “Conan O’Brien Needs a Friend” and “Freakonomics Radio.”
“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 Jim Meyer, CEO of Sirius XM.
With this latest acquisition, Sirius is arming itself to compete against the audio big dogs – Spotify, Apple, and iHeartMedia. Stitcher is one of the most prominent names in podcasting, and it’s clear that Sirius is getting serious.