The price is $325 million, with $265 million of cash upfront, for SiriusXM to become a player in the podcasting space. Stitcher includes three podcast business lines: the Midroll advertising rep firm, owned-and-operated podcast networks including the Earwolf and the Stitcher podcast listening platform.
Scripps President and CEO Adam Symson said “This sale is consistent with Scripps’ track record of growing businesses that capitalize on the evolution of consumers’ media habits and then unlocking shareholder value through spinoffs, exits and continued organic growth. Over and over, this strategy has proven effective as well as profitable for the company and its shareholders.”
The other financial details of the sale: An additional $30 million will be paid based on 2020 financial results and paid in 2021. And up to $30 million will be paid out based on 2021 financial results and paid in 2022.
Scripps acquired Midroll in 2015 for $55 million and the Stitcher app in 2016 for $4.5 million. Stitcher’s 2019 revenue was $72.5 million, according to Scripps..