SiriusXM Completes Acquisition of Stitcher

Sirius XM Holdings Inc. today announced that it has completed its acquisition of Stitcher and is moving forward as the premier full-service platform for podcast creators, publishers, and advertisers.

With this acquisition, SiriusXM adds Stitcher, a longtime pioneer in podcasting, to its leading audio entertainment platform. Alongside Pandora, Simplecast and AdsWizz, Stitcher strengthens SiriusXM's position in this fast-growing area. By combining Stitcher's leading programming and advertising networks with SiriusXM's existing suite of hosting and ad technology tools, the Company expands its pre-eminent position in digital audio advertising while generating new ways for creators to find and connect with a broader audience.

Jim Meyer, Chief Executive Officer of SiriusXM, said, "We are deepening our position in podcasting, the fastest-growing sector in digital audio, and with completion of this transaction, our vision is taking shape. With Stitcher and its varied assets, we are now a one-stop shop able to meet the needs of podcast creators, publishers and advertisers, while also providing listeners with access to great shows, series and programming."

To advance a powerful and coordinated content strategy, Erik Diehn, CEO of Stitcher, will report directly to Scott Greenstein, President and Chief Content Officer of SiriusXM, who also oversees content at Pandora. To help advertisers efficiently and effectively reach their customers across the largest digital audio ecosystem, Sarah van Mosel, Stitcher's Chief Revenue Officer, will report directly to John Trimble, Chief Advertising Revenue Officer of SiriusXM.

Meyer added, "On behalf of everyone at SiriusXM, we are thrilled to welcome Erik, Sarah, and all of the other talented Stitcher employees to our team. We look forward to working with them as we continue delivering the best listening experiences in audio entertainment and enhancing stockholder value."

Top Stitcher podcasts, available in North America and globally via the Stitcher App, include Freakonomics Radio, My Favorite Murder, SuperSoul Conversations from the Oprah Winfrey Network, Office Ladies, Conan O'Brien Needs a Friend, Literally! with Rob Lowe, LeVar Burton Reads, and WTF with Marc Maron. These titles, among other leading Stitcher podcasts, are also available for Pandora listeners both on-demand and via its personalized recommendations through Pandora's proprietary Podcast Genome Project ™ technology.

With the transaction now closed, SiriusXM is positioned to continue driving growth by:

• Reaching more than 150 million listeners across its combined properties, the largest addressable audience in North America across all categories of digital audio – music, sports, talk, and podcasts;
• Further extending the reach of SiriusXM in digital audio advertising through the SiriusXM and Pandora owned-and-operated digital platforms, combined with the company's exclusive ad sales arrangement with SoundCloud for the U.S., and the Stitcher and Midroll networks;
• Helping solve some of the critical challenges in podcast advertising through precision targeting, ad efficiency, and improved measurement capabilities via a streamlined ad marketplace;
• Combining the largest digital audio salesforce with a leading podcast ad network; and
• Attracting more creators to its podcasting platform with enhanced production, marketing, and distribution capabilities that drive further listening, engagement, and monetization.