Tag Archives: SiriusXM

Marvel Entertainment and SiriusXM Premiered Marvel’s Wasteland: Wolverine



It’s time to return to the Wastelands! Marvel Entertainment and SiriusXM announced their newest original scripted podcast, Marvel’s Wastelanders: Wolverine premiered on Monday, June 13.

Marvel’s Wastelanders: Wolverine is the fourth installment in the “Marvel’s Wastelanders” audio epic, following the success of Marvel’s Wastelanders: Star-Lord, Marvel’s Wastlanders: Hawkeye, and Marvel’s Wastelanders: Black Widow. The all-new 10-episode series is written and directed by Peabody Award winner Jenny Turner Hall, with sound design by Michael Odmark and Daniel Brunell, and original music Rhett Miller and John Burdick.

The series stars Robert Patrick as Wolverine, and features performances by Ashlie Atkinson (Kitty Pryde), Rachel Crowl (Red Skull), Isabella Ferreria (Sofia), Jennifer Ikeda (Rachel Summers), Justin Min (Justin), Clarke Peters (Professor X), Daniel Sunjata (Cyclops), and Carl Tart (Kevin).

Thirty years ago, Super Villains did the unthinkable, they won. After killing the Avengers, the X-men, and nearly every other Super Hero, Red Skull assumed the office of the President of the United States. Since that day, a traumatized Wolverine (Robert Patrick) has wandered in a daze of survivor’s guilt and self-loathing over his failure to protect his fellow X-men and their mutant students.

Wolvering encounters Sofia, a young mutant in-hiding and vows to transport her into the safe hands of estranged former X-Men Kitty Pryde and Rachel Summers. When the Red Skull and his top lieutenant Crossbones frame Wolverine and escalate anti-mutant sentiment to dangerous new levels, our hero realizes that his only option may be to face Red Skull and his savage allies head on. But a shocking, terrible truth may destroy Wolverine first…

On the series, writer and director Jenny Hall says, “Fans are going to lose it over Robert Patrick as Old Man Logan! You cannot stop listening to his gritty timbre – he is Wolverine – and Logan’s story here will shock you to your core!” She continued, “From a directing standpoint, this series is epic – a lot of characters, settings, and action. I can’t wait for fans to listen to this series. I hope it’ll blow your mind, break your heart, and give you something to believe in.”

The series will initially be available exclusively on the SXM App and Marvel Podcasts Unlimited on Apple Podcasts. Episodes will be more widely available one week later, on Pandora, Stitcher, and all major podcast platforms in the U.S. Learn more at marvel.com/wastelanders


SiriusXM Acquires Team Coco and Conan O’Brian Needs A Friend Podcast



SiriusXM announced the acquisition of Team Coco, including the critically-acclaimed hit podcast Conan O’Brian Needs a Friend, and the Conan O’Brian-led podcast network and digital media business. The transaction also brings to SiriusXM Team Coco’s staff, who will continue to produce the network’s slate of popular podcasts, as well as collaborate on content for Sirius XM.

As part of the deal, Conan has entered into a five-year talent agreement with SiriusXM, under which he will remain host of his namesake podcast, which will continue to be available widely, and will also collaborate with SiriusXM to create and executive produce a new full-time, original Team Coco comedy channel for SiriusXM subscribers. The agreement also includes distribution of select video from Conan’s podcast as well as from the archives of his long-running late night show on TBS, live events, and merchandise from the Team Coco brands.

Since its inception over a decade ago, Team Coco has garnered more than 1 billion annual video views across YouTube and Facebook, averages 180 million annual podcast downloads, and now reaches 17 million fans across social media. Team Coco’s flagship podcast, Conan O’Brian Needs a Friend, which was developed with Stitcher’s Earwolf, ranks as one of the top five most searched-for podcasts, and recently won two Webby Awards. By becoming a part of SiriusXM, the leading home of comedy in audio entertainment, Team Coco gains the promotional power of the SiriusXM, Pandora, and Stitcher listening platforms – amplifying the network’s voices and extending the Team Coco brand to new audiences.

“When I started in television my ultimate goal was to work my way up to radio,” said Conan O’Brian. “This new deal with SiriusXM builds on the great relationship that began several years ago with a team that is the standout in their field.’

“We are thrilled that Conan remains committed to producing his incredibly successful podcast and will now expand his role into executive producing an excusing Team Coco radio channel for SiriusXM,” said Scott Greenstein, President and Chef Content Officer of SiriusXM. “Conan has built an amazing brand and organization at Team Coco with a proven track record of finding and launching compelling and addictive podcasts. We look forward to continuing to grow the Team Coco brand.”

As part of the acquisition, SXM Media, the combined advertising sales organization of SiriusXM, expands its exclusive global ad representation beyond Team Coco’s acclaimed podcasts – such as Nicole Byer’s Why Won’t You Date Me? and JB Smoove’s May I Elaborate?, along with its Stitcher co-productions Scam Goddess with Laci Mosley, Literally! with Rob Lowe, The Three Questions with Andy Richter, and Parks and Recollection – to also include digital video, social media, and live events associated with Team Coco’s properties.

Team Coco podcasts will continue to be available on Stitcher, the SXM App, Pandora, and major podcast listening platforms.

Team Coco joins an already robust and industry-leading comedy lineup at SiriusXM, the exclusive audio home for top comedies and brands, which includes channels such as Kevin Hart’s Laugh Out Loud Radio, Netflix is a Joke Radio, and Comedy Central Radio, as well as Stitcher’s Earwolf network and their collection of award-winning and critically-acclaimed shows How Did This Get Made?, Office Ladies, Storytime with Seth Rogen, and more.

SiriusXM’s acquisition of Team Coco follows that of 99% Invisible, the announcement of a global advertising agreement with podcast company Audiochuck, and it’s top-rated podcast, Crime Junkie; an agreement with Tom Segura and Christine P’s YMH Studios to distribute and develop content; an agreement for the exclusive rights to manage all audio and video ad sales for the comedy horror show The Last Podcast on the Left; and a multi-platform agreement with Crooked Media that brings the independent progressive media company’s top ranked podcasts to Sirius XM through the 2024 election cycle and beyond.


I Am Athlete Inks Content Deal with SiriusXM



SiriusXM and I Am Athlete, the athlete-led media network founded by former NFL All-Pro receiver Brandon Marshall, announced they have joined forces in a new expansive content deal that includes a nightly radio show and other game-changing projects.

The new agreement will expand the already popular I Am Athlete platform by delivering new innovative programming to more fans who want an authentic “locker room” perspective on sports and pop culture directly from those who played the game.

I Am Athlete and SiriusXM will produce a new nightly show that will air nationwide on SiriusXM’s Mad Dog Sports Radio (channel 82 on SiriusXM radios and on the SXM App). Debuting on April 27, I Am Athlete Tonight will air live every weekday from 7-9 pm ET/4-6 pm PT.

Former NFL defensive end Leger Douzable will lead a cast of rotating co-hosts that will feature Marshall, former NFL players LeSean McCoy, Brandon Flowers and Adam “Pacman” Jones, former NBA player Antoine Walker, former WNBA player Chantel Tremitiere and journalist Omar Kelly as they engage in the type of thoughtful, unfiltered discussions that the I AM Athlete Tonight episodes will also be available as podcasts after they air on SiriusXM.

SiriusXM and I Am Athlete have also entered into a developmental agreement and will combine the strength of both brands and platforms to bring additional engaging talent to the air and develop new and unique content in the future.

As part of the agreement, SXM Media, SiriusXM Holdings’ advertising sales group, is now the exclusive global ad representative for the popular I Am Athlete audio podcast – hosted by Brandon Marshall and Chad “Ochocinco”Johnson – and other audio podcasts developed with I AM Athlete. SXM Media also sells across the I AM Athlete video podcast. SXM Media is the gateway for marketer to the #1 U.S. podcast advertising network in reaching weekly podcast listeners, per Edison Research.

The I Am Athlete Podcast is available on all major podcast platforms.

“We are excited to team up with SiriusXM. SiriusXM is an extraordinary company that shares our passion for innovation in storytelling and giving the athlete a platform,” said Marshall. “I Am Athlete is the premier destination for athletes to tell their own stories, write their own scripts, highlight successes and also hold each other accountable. The sports media landscape has drastically changed. Our partnership brings our unique content and approach to storytelling to fans, every day.”

“I Am Athlete has established itself as a prominent and popular podcast because it is the kind of authentic straight-from-the-athlete talk that fans love and want more of. We’re excited to team up and build on that,” said Steve Cohen, SVP, Sports Programming and Podcasts, SiriusXM. “Brandon and team will produce new and exclusive content that will enhance our Mad Dog Sports Radio channel. And together, we look forward to developing new talent and content for I Am Athlete and SirusXM that will appeal to listeners everywhere.”


SiriusXM Launches New Freakonomics Radio Network Streaming Channel



SiriusXM announced the launch of a new Freakonomics Radio Network streaming channel. For this channel, the first to be dedicated to a podcast, the team behind Freakonomics Radio, one of the most enduring and popular podcasts in the world, will curate and present episodes from its deep archive, along with selections from other popular shows on the Freakonomics Radio Network, including No Stupid Questions, People I (Mostly) Admire, Freakonomics, M.D., and new programs to be launched later this year.

The Freakonomics Radio Network streaming channel is available to subscribers now on the SXM App.

For over a decade, Freakonomics Radio has delivered storytelling and reporting that is both rigorous and entertaining. Hosted by Stephen J. Dubner, the show takes a curious-minded, data-driven approach to exploring real-world behavior and uncovering “the hidden side of everything.” Entering its twelfth year as one of the biggest podcasts on the planet, Freakonomics Radio is now growing faster than it ever has before, setting a listenership record in 2021.

SiriusXM’s Freakonomics Radio Network channel is the only place where listeners can tune in 24/7 to hear not only the latest episodes of Freakonomics Radio, but also a selection of provocative classics from the show’s 500-episode archive like, “Abortion and Crime, Revisited”, “The Economics of Sleep”, and “The Stupidest Thing You Can Do With Your Money.”

“The SiriusXM audience is amazingly large and diverse,” said Stephen Dubner, “and we can’t wait to get our stuff in their ears.”

“It’s exciting to be able to take a show as groundbreaking and successful as Freakonomics Radio and give listeners, new and old, an entirely unique way to experience it,” said Scott Greenstein, SiriusXM’s President and Chief Content Officer. “We can’t think of a better partner to launch this first-of-its-kind streaming channel with than Stephen and his team.”

In addition to its flagship show, the Freakonomics Radio Network produces some of the most listened-to podcasts – for a combined reach of over 160 million listeners last year. They include No Stupid Questions, where Dubner and co-host psychologist Angela Duckworth explore the weird and wonderful ways in which humans behave; People I (Mostly) Admire, in which the unorthodox economist Stephen Levitt speaks with other high achievers to ask questions that only he would think to ask; and Freakonomics, M.D., hosted by Bapu Jena, an economist and physician who explores the intersection of economics and healthcare.

The Freakonomics Radio Network channel is just the latest example of SiriusXM’s commitment to providing multiple platforms for audio creators. Recently, the hosts of the award-winning horror comedy podcast Last Podcast on the Left launched Open Lines, a live weekly call-in show on SiriusXM’s Faction Talk (channel 103) after bringing their podcast back to wide distribution through Stitcher; and the popular advice expert, host, and digital creator Tinx launched the It’s Me, Tinx Live radio show on SiriusXM Stars (channel 109) following her chart-topping Stitcher podcast, It’s Me, Tinx.

Streaming access is included with all of SiriusXM’s trials and most popular plans. Subscribers can listen with the SXW app and with Amazon Alexa, the Google Assistant or however they stream at home. Go to www.siriusxm.com/ways-to-listen to learn more.


SiriusXM’s SXM Media Introduces AudioID



SiriusXM’s SXM Media announced the introduction of AudioID powered by AdsWizz, a first-to-market listener identity solution offering marketers new avenues to reach, target, and connect with consumers at scale. AudioID puts content and audiences first, providing an improved consumer experience across multiple platforms and a better way for brands to buy audio advertising.

AudioID is the most recent example of SiriusXM’s investment in audio ad technology and solutions to make advertising across satellite radio, streaming music, and podcasts as simple as pressing play or turning the dial. From in-car to at-home to mobile, SXM Media is committed to making premium audio advertising intelligent, accessible, and impactful for listeners and marketers.

As traditional digital identifiers erode in the market and audio content such as podcasts increase share of ear, AudioID is the future of listener identity. With an algorithm that accepts and matches a variety of consented listener signals and inputs then weighs them accordingly, this new identity solution responds to ad requests by finding or creating unique, anonymized AudioIDs. These IDs can then be tapped into for everything from reach and forecasting to frequency capping, advanced first-party targeting, enhanced measurement, and more.

AudioID’s U.S.-based identity launch offering will live within the walls of SXM Media. The product will leverage datasets across the tens of millions of known Pandora, SirusXM, and Stitcher listeners, matching them to create AudioIDs. This will allow for a better ad experience for consumers, marketers and publishers, tapping into listener behavior and preferences in a way that supports the future of identity safety while helping marketers achieve their goals.

Beginning later in 2022, AudioID will extend SXM Media’s first-party audience targeting to opted-in off-platform parties across AdsWizz, giving marketers and publishers in the U.S. access to better, smarter data guidelines, long-term, AdsWizz’s platform has the potential to expand AudioID globally; strengthen any behaviors; and define a new identity framework for the audio ecosystem at large, one that centers around consumption, content, and preference data versus personal consumer signals.

“We are entering a new era of identity – both in culture and technology – that defines us not by who we are on paper or the cookies we leave behind, but by our interests and passions. AudioID is a consumer-first, privacy-conscious infrastructure that will deliver our audiences the best experiences and give marketers access to data-driven capabilities like never before,” said Chris Record, Senior Vice President and Head of Ad Product, Technology & Operations at SXM Media & AdsWizz.

AudioID is based on several fundamental founding principles:

Innovative & Additive: AudioID will always remain an innovator in audio identity and additive to the overall audio advertising ecosystem.

Flexible & Iterative: To support marketers and publishers, AudioID will be flexible in its acceptance of inputs from data providers, publishers, alternative identifiers, and other third parties. In addition, AudioID is expected tone an ever-evolving, iterative technology that will continue to develop with the needs of the media and marketing ecosystem.

Private & Optional: Privacy protection is embedded into AudioID by design as an anonymized identity solution that enhances consumer privacy. Publishers and marketers will maintain control of their data resources, with AudioID always remaining an optional (versus required) solution for external parties.

Intelligent & Science-Driven: Developing AudioID is a team of technologists and data scientists from around the world committed to using the latest tech and knowledge and applying it to the product.


NAD Files Lawsuit Against SiriusXM, Stitcher, and Pandora for Lack of Transcripts



The National Association of the Deaf (NAD) posted a release titled: “Lawsuit Challenges Inaccessibility of Major Podcast Platforms.” From the release:

The National Association of the Deaf (NAD) and Disability Rights Advocates (DRA) have filed a lawsuit against three major providers of podcasts, SiriusXM, Stitcher, and Pandora, to end their exclusion of deaf and hard of hearing Americans from each company’s extensive podcast streaming service.

Sirius XM bills itself as the “new destination for original, exclusive, and popular podcasts,” providing customers access to a slate of both original and third-party podcast content, including exclusive access to podcasts produced by Marvel Entertainment.

Stitcher ranked #1 in Triton Digital’s Report of top Podcast Networks for August 2021, with 451 active original podcast. Likewise, Pandora’s podcast service offers users access to hundreds of thousands of podcast episodes. Yet none of these multimillion-dollar companies provides transcripts for the plethora of podcasts available on their popular mobile applications.

Because Defendants do not make transcripts or captions available for any of the podcasts offered on their platforms, more than 48 million deaf and hard of hearing Americans are denied full and equal enjoyment of the content they offer hearing users. These failures to provide equal access violate the Americans with Disabilities Act as well as state and local New York law.

The NAD and five deaf Americans who wish to use each of Defendants’ podcast services but are excluded from doing so brought this action to end SiriusXM’s, Stitchers, and Pandora’s discriminatory business practices.

Howard A. Rosenbaum, CEO of NAD, said, “Podcasts are the latest form of entertainment, and it is imperative that deaf and hard of hearing people not be left behind. SiriusXM, Stitcher, and Pandora have a duty under federal, state, and city laws to ensure their podcasts are fully accessible.”

Plaintiff Mei Nishimoto said, “I want all podcasts to be accessible for myself, because I love to learn, and as a Deaf parent with a school-aged child, I need to screen what is appropriate for her age and interests, and advance her education.”

Plaintiff Dr. Amber Martin said, “Access to information and entertainment is as interesting and important to deaf and hard of hearing people as it is to others. There have been many times when someone told me about something they heard on a podcast that sparked my interest but there was no transcript. It’s disappointing not to be able to participate in the conversations with friends, but especially frustrating to know that I’m locked out of a lot of information I’d like to have.”

Plaintiff Jamie Munro said, “Podcasts are now ubiquitous and serves as a wealth of information to everyone, except the deaf community. We cannot be excluded again and must have full access to knowledge that is already readily available to everyone else.”

Plaintiff Rebecca Alexander stated, “Requesting accommodations is not asking to be given information out of privilege. Having equal access to information, including from podcasts, is a fundamental civil right. I am also concerned about being precluded from a platform that has important commentary from people, myself included, because of inaccessibility.”

DRA staff attorney Emily Seelenfreund said, “SiriusXM, Stitcher and Pandora’s complete failure to consider access for individuals who are deaf and hard of hearing is an embarrassment and an abject violation of federal and local disability law.


SiriusXM Signs Exclusive Multi-Year Agreement with Audiochuck



SiriusXM announced an agreement with media and podcast company Audiochuck and its founder Ashley Flowers that gives SiriusXM exclusivity to ad sales for Crime Junkie – one of the country’s top-ranked podcasts – along with all the shows in the Audiochuck network, which includes top rated Anatomy of a Murder, CounterClock, and Park Predators. Audiochuck, the independent media and podcast production studio, has become the dominant network behind some of the most popular podcasts.

SXM Media has exclusive global ad sales rights for Audiochuck podcasts. Access for brands and marketers is only available through the advertising and sales arm of SiriusXM, Stitcher and Pandora.

The agreement calls for Stitcher, the Triton-ranked #1 podcast company and SiriusXM subsidiary, to distribute all Audiochuck content across all podcast platforms. Listeners can continue to listen and subscribe to Audiochuck podcasts on Stitcher, the SXM App, Pandora, and all major podcast listening platforms.

“I’m incredibly excited to work with SiriusXM,” said Ashley Flowers, Founder and CEO of Audiochuck. “Since day one our mission has been creating top-of-the-line content that drives advocacy and change and I believe working with such an established multi-platform company will allow us to do bigger, better things and reach even more people with the important stories we want to tell.”

As part of the new relationship, Audiochuck, SiriusXM, Pandora, and Stitcher plan to collaborate in the development of additional content accessible across multiple platforms.

“Ashley and the team at Audiochuck have shown that great passion and great storytelling together can create a meaningful business and platform for important stories that may not otherwise be told. We are committed to supporting them as they provide critical true crime storytelling that not only informs listeners, but also drives social change,” said Scott Greenstein, President and Chief Content Officer, SiriusXM. “For Ashley and other innovators in podcasting, SiriusXM provides a home to do the best work of their careers. With three audio platforms as marketing vehicles that can reach the largest and most diverse audiences possible, they can serve their most loyal fans and create new ones.”

“Joining with SiriusXM is an important next step for our long-term vision at Audiochuck,” said Kevin Mills, President of Audiochuck. “We intend to use our industry-leading content as a basis to innovate across platforms. We look forward to this collaboration to further our mission of offering new shows that reach even larger audiences, and elevating the advocacy for those who need a voice most.”


SiriusXM Acquires Mars’ 99% Invisible Podcast



Sirius XM announced that is has acquired 99% Invisible Inc., the Company owned by Roman Mars, the creator, host, and executive producer of the groundbreaking 99% Invisible podcast. The acquisition brings the acclaimed podcast host and his team to SiriusXM, where they will continue to operate 99% Invisible, the podcast What Trump Can Teach About Teach Us About Con Law, and develop new podcast projects.

99% Invisible will become part of Stitcher, the pioneering podcast company SiriusXM acquired last year as part of its goal to build the best home for podcast creators. With the addition of leading podcast platforms Stitcher and Simplecast, along with industry-leading ad tech company AdsWizz. SiriusXM has developed an ecosystem that podcasters can rely on to create, distribute and monetize their work, as well as gain access to SiriusXM’s broad talent relationships and make up use of the promotional power of its SiriusXM, Pandora and Stitcher listening platforms.

“I have made a career by telling stories about what’s right in front of us, and in this case, it is the opportunity to grow and create with SiriusXM,” Mars said. “This journey, which started more than 10 years ago on public radio, is a testament to the power of storytelling, the incredibly talented 99pi team, and the dedicated army of ‘Beautiful Nerds’ who we are fortunate to call our listeners. I’m incredibly proud of what we helped build at the Radiotopia network, the non-profit collective I co-founded with PRX, and look forward to the work we can do at SiriusXM.”

Based in Oakland, Mars launched 99% Invisible in 2010, an independently produced – and Kickstarter supported – radio show and podcast that exposes the unseen and overlooked aspects of design, architecture and activity that shapes the world. 99% Invisible has been downloaded more than 500 million times, and Mars has been named one of Fast Company’s “100 Most Creative People.” Over the years Mars and his team have branched out beyond the flagship 99% Invisible, launching the successful Articles of Interest, According to Need, What Trump Can Teach Us About Con Law and Judas and the Black Messiah podcasts, while also releasing a New York Times bestselling book, The 99% Invisible City: A Field Guide to the Hidden World of Everyday Design

“In our tenth year of being an independent production, I began looking to evolve the show in new and exciting ways. While we explored a number of potential homes for 99% Invisible, I want to be with the company that launches new projects, and Stitcher provided us a unique opportunity to focus on the art of creating, developing and producing content we know our listeners will love, while freeing me of constantly thinking about the business of podcasting,” Mars said. “Moving forward, the entire 99% Invisible team will have the resources and support to pursue the stories we want to tell to an even larger universe of listeners. We could not be more excited to be joining the Stitcher family at SiriusXM.”

The 99% Invisible podcast will be available broadly and across SiriusXM’s multiple audio streaming services, including the Stitcher, Pandora, and SiriusXM apps. 99% Invisible joins other iconic, acclaimed and original podcasts whose home is SiriusXM, Stitcher and Pandora, including such popular shows and series as Office Ladies, Comedy Gold Minds with Kevin Hart, Conan O’Brien Needs a Friend, WTF with Marc Maron, LeVar Burton Reads and podcasts from Marvel Entertainment, and prestigious documentary and narrative projects such as Heaven’s Gate, Unfinished, The Dream, Sporkful and Hidden Brain

“We want to be home to the most creative producers working in podcasting today, so we couldn’t be more excited to welcome Roman and his team to Stitcher and SiriusXM,” said Megan Liberman, head of talk and podcast programming for SiriusXM and Stitcher. “SiriusXM built itself into North America’s leader in audio entertainment by attracting world-class talent. Bringing Roman and his team here is a natural extension of these efforts, and they will serve as a pillar as we continue building the most attractive home for podcast and audio creators.”


Scripps Agrees to Sell Stitcher to SiriusXM for $325 Million



The E.W. Scripps Company has entered into an agreement with SiriusXM to sell podcast industry leader Stitcher for $325 million, a return of more than double Scripps’ investment in podcasting over the last five years.

The Stitcher company includes three distinct podcast business lines: the Midroll advertising rep firm; owned-and-operated podcast networks including comedy-focused Earwolf; 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 $45 million. Since then, Stitcher has been a leader in the fast-growing podcast industry, growing revenue at CAGR of 52% from 2016-19. Stitcher’s 2019 revenue was $7.6 million.

The opportunity for Stitcher and its employees to join a large pure-play audio company ensures it will expand upon its success, Scripps President and CEO Adam Symson said.

“The 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. “Over and over, this strategy has proven effective as well as profitable for the company and its shareholders.”

“Today’s announcement, and the metrics around this sale, are an affirmation of our investment-for-growth strategy. We are firmly committed to our national businesses and are enthusiastic about the opportunities we see ahead of digital audio, over the top and over the air television.”

Transaction highlights:

    •  Sale price of $325 million, with $265 million of cash upfront; earnout of up to $30 million based on 2020 financial results and paid in 2021; earnout of up to $30 million based on 2021 financial results and paid in 2022
    • Full price representing an internal rate of return after taxes in the mid-20% range and cash-on-cash return of more than 2x, which incorporates the purchase prices for Midroll and Stitcher of $59.5 million as well as Scripps’ investments in the business over the last five years
    • Improvement in National Media segment profit and company EBITDA with the elimination of Stitcher annual losses in the high-teens millions of dollars
    • Estimated tax liability of approximately $70 million assuming the full earnout is achieved. Scripps has approximately $190 million of net operating loss carryforwards that would offset about $40 million in 2020 tax liabilities.
    • The move of all Stitcher employees to SiriusXM

“As a result of this transaction, Scripps is improving our leverage ratio through higher company EBITDA and garnering cash we can use toward debt reduction, which continues to be our highest priority,” Scripps Executive Vice President and Chief Financial Officer Lisa Knutson said.

The transaction is expected to close in the third quarter, pending Hart-Scott-Rodino clearance. LionTree Advisors has acted as exclusive advisor to Scripps in the sale process, and BakerHostetler is serving as legal counsel.