Media conglomerate E.W. Scripps has acquired podcast listening service Stitcher in a $4.5 million deal. Stitcher, which streams to more than eight million registered users will operate as part of Midroll Media, another podcast acquisition made by Scripps in July 2015.
Stitcher was founded in 2008 and purchased in 2014 by French music streaming service Deezer. Its team of 12 will join Midroll and operate out of San Francisco. Stitcher's General Manager and Vice President of Product Todd Pringle will lead all of Midroll's product development and will have continued responsibility for the Stitcher product development team. Stitcher's sales and editorial staff will join their Midroll colleagues in their respective disciplines.
"At Midroll, we've always been impressed with Stitcher's incredible reach and pioneering work in the audio landscape," said Erik Diehn, vice president of business development for Midroll. "Together, we can accelerate the podcast industry's growth and further our combined mission to connect ever larger audiences with even more great shows."
Scripps is one of the nation's largest independent TV station owners, with 33 television stations in 24 markets and a reach of nearly one in five US households. It also owns 34 radio stations in eight markets.
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