SiriusXM Inks $325M Podcast Buy Led By Weil, BakerHostetler

Law360 (July 13, 2020, 12:19 PM EDT) -- SiriusXM will pay up to $325 million for the business behind podcasts including "Comedy Bang! Bang!" and "Conan O'Brien Needs a Friend," the companies said Monday, in a deal put together with help from Weil and BakerHostetler.

The transaction, rumored last week, sees Sirius XM Holdings Inc. picking up Stitcher Inc. from E.W. Scripps Co., according to a statement. Under the terms of the transaction, SiriusXM will make a cash payment at closing of $265 million, with an additional $60 million potentially coming later on if Stitcher achieves certain financial metrics.

The deal bolsters SiriusXM's portfolio of podcasts; according to the...

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