Spotify Missed Out on Another Podcasting Acquisition
After Spotify's (NYSE: SPOT) recent string of podcasting deals, it's kind of weird to see a podcast acquisition where Spotify isn't involved. E.W. Scripps (NASDAQ: SSP) has been shopping around its Stitcher podcast platform for a couple of weeks, and it looks like it found a buyer in SiriusXM (NASDAQ: SIRI).
Sirius will pay around $300 million for the unit. That's a hefty return for Scripps. It originally bought Stitcher in 2016 for $4.5 million, combining it with its $50 million Midroll Media acquisition from the year before.
Still, $300 million is a good deal for the premium podcast platform, a specialized podcast advertising network doing sales for over 300 podcasts, and the owner of two podcast content networks, Earwolf and Stitcher Podcasts.
Source Fool.com
