The satellite radio giant and Pandora parent, which has been bulkign up in podcasting, said the acquisition will create “the premier full-service platform for podcast creators, publishers, and advertisers.” Stitcher Podcasts Include Freakonomics Radio, My Favorite Murder, How Did This Get Made?, SuperSoul Sunday from The Oprah Winfrey Network, Office Ladies, Conan O’Brien Needs a Friend, Literally! with Rob Lowe, LeVar Burton Reads, Comedy Bang! Bang!, and WTF with Marc Maron.
Stitcher covers three related podcast businesses: the Midroll advertising rep firm; owned-and-operated podcast networks; and the Stitcher podcast listening platform. Scripps was an early entrant into podcasting, acquiring Midroll in 2015 for $55 million and the Stitcher app in 2016 for $4.5 million. Stitcher has expanded rapidly with $72 million in revenue last year — reflecting a compound annual growth rate of 52% from 2016-19, Scripps 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,” said Symson., calls for $265 million of cash upfront; earnout of up to $30 million based on 2020 financial results and paid in 2021; and earnout of up to $30 million based on 2021 financial results and paid in 2022, Scripps said.
Source: News Formal (newsformal.com)
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