Sirius XM Holdings, which said last month that it planned to raise $1 billion in a private debt offering, is reportedly near a deal to acquire E.W. Scripps’ Stitcher podcast division for $300 million.
The news, reported Monday by the Wall Street Journal which cited sources, comes amid a flurry of deals in the growing podcast space. Spotify, for example, recently flexed it muscles by acquired The Ringer and Gimlet.
Satellite radio biggie SiriusXM, owned by John Malone’s Liberty Media, is no stranger to big deals, acquiring streaming giant Pandora in late 2018 for $3.5 billion. More recently, in February it took a $75 million stake in SoundCloud.
In June, it said it believed the private debt offering would give it sufficient cash and cash equivalents, as well as debt capacity, to cover short-term and long-term funding needs, including amounts to construct, launch and insure replacement satellites and “strategic opportunities.”
The Stitcher platform includes the comedy podcast network Earwolf. Scripps had acquired Stitcher for $4.5M in 2016 and combined it with its Midroll division. Its original series include “Wolverine: The Long Night,” “Conan O’Brien Needs a Friend,” Bill Nye’s “Science Rules!”, “Gossip,” “LeVar Burton Reads” and more.
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