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Steven Goldberg Leads BakerHostetler Team in Handling $325 Million Sale of Stitcher Podcast Company for Scripps

News / July 13, 2020

Partner Steven Goldberg, co-leader of the firm’s Mergers and Acquisitions team, led a BakerHostetler team in representing longtime firm client The E.W. Scripps Company in the sale of its popular podcasting company, Stitcher, to Sirius XM Holdings Inc. for up to $325 million. Acquired in 2016 for $4.5 million, Stitcher posted revenues of $72.5 million last year. Terms of the deal – including a cash payment at closing of $265 million, with an additional $60 million if Stitcher achieves certain financial metrics – make it a return of more than double Scripps’ investment in podcasting over the past five years.

The deal team also included Partners Robert Morwood, John Lehrer II, Raymond Malone, Lee Simowitz and David Holcombe; Counsel Michael Iannuzzi; Of Counsel Judy Gechman; and Associate Brady Cummins.

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