Sirius XM Holdings has acquired US-based media company Stitcher for an undisclosed sum.
The deal will strengthen the buyer’s position in the fast-growing podcast segment.
Furthermore, Sirius will be able to extend its reach within the digital audio advertising space and generate new opportunities for creators to find and connect with a broader audience.
Headquartered in New York, Stitcher develops, monetises and distributes a range of podcasts for customers across North America.
Its titles include the likes of Freakonomics Radio, My Favorite Murder, Office Ladies and WTF with Marc Maron.
As a result of the acquisition, SiriusXM will be able to reach more than 150.00 million listeners across its combined properties, the largest addressable audience in North America throughout all digital audio categories, such as sports and music, according to the press release.
The addition of Stitcher’s podcasts will also complement the buyer’s audio entertainment platform, which includes Pandora, Simplecast and AdsWizz.
Jim Meyer, chief executive of SiriusXM, said: “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.”
Following the deal, the target’s chief executive, Erik Diehn, will report directly to the acquiror’s president and chief content officer, Scott Greenstein.
Located in New York City, SiriusXM claims to be leading audio entertainment company in the US.
During the six months ended 30th June 2020, the group posted revenue of USD 3.16 billion, up 5.3 per cent from USD 3.00 billion in the corresponding period of 2019.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 3,470 deals targeting software publishers announced worldwide since the beginning of 2020.
Microsoft agreed to buy US-based ZeniMax Media for USD 7.50 billion in the most valuable of these.
The transaction placed among the twenty-largest deals on record for this sector.
© Zephus Ltd