US pay-radio giant SiriusXM is close to buying Stitcher, a podcast application owned by E W Scripps.

Podcasts are increasingly important and Spotify, a major rival to SiriusXM, and its sister service Pandora is increasingly dominating the podcast market.

Stitcher will give SiriusXM a foothold in the sector and sit alongside Simplecast which SiriusXM acquired last month.

Stitcher itself was founded in 2008 as an alternate to Apple’s Podcast service. Scripps bought Stitcher in 2016.  Stitcher offers more than 100,000 titles with its Premium level costing $5 a month as a subscription.

Financial terms have not been revealed but reportedly Stitcher/Scripps was looking for some $300 million for the business.

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Categories: Articles, Business, Digital Radio, M&A

Tags: podcast, Scripps, siriusXM, spotify, Stitcher