E.W. Scripps Company buys Stitcher for $4.5 million
The E.W. Scripps Company will be purchasing podcast service Stitcher from Deezer. E.W. Scripps is paying $4.5 million for the service, and Stitcher's employees will evidently head over to the publisher's Midroll Media, which sells advertisements for podcasts.
From The Wall Street Journal:
Stitcher is a free app that streams more than 65,000 podcasts from publishers ranging from NPR to MSNBC to The Wall Street Journal. It will operate under Midroll Media, the podcast advertising company that Scripps acquired last year for $50 million, plus $10 million more over three years if the company hits certain milestones.
According to The Wall Street Journal, the acquisition is geared more towards the talent behind Stitcher, rather than the product itself. For its part, Midroll seems to hope that the acquisition will help it launch new efforts in podcast discovery.