Simplecast
In the second quarter, the company earned $1.578-billion, compared to $1.537-billion in the year-ago second quarter. Subscriber revenue always leads the way for Sirius (compared to advertising revenue).
The general financial picture was slightly positive on the top line. Refer to Note 12 for more information on this investment. The minority investment complements the existing ad sales relationship between SoundCloud and Pandora. SoundCloud’s platform enables its users to upload, promote, share and create audio entertainment. SoundCloud is the world’s largest open audio platform, with a connected community of creators, listeners, and curators. On February 10, 2020, Sirius XM invested $75 in SoundCloud. The company also reminded investors of its February investment in SoundCloud, which was $75-million: Refer to Note 3 for more information on this acquisition. Simplecast is a podcast management and analytics platform, powering podcasts from creators and brands. On June 16, 2020, Sirius XM acquired Simplecast for $28 in cash. Likewise, the Simplecast acquisition was referenced, with a $28-million acquisition cost: The transaction is expected to close in the third quarter of 2020, subject to receipt of required regulatory approvals and the satisfaction of other customary closing conditions.” The agreement provides that Sirius XM will potentially make up to $60 in additional contingent payments based on Stitcher achieving certain financial metrics in 20. With special guest appearances by cast and crew, Rob and Alan share their unique, behind-the-scenes insights from in front of the camera and inside the writers’ room. Under the terms of the asset purchase agreement, at the closing, Sirius XM will make a cash payment of $265 to Scripps. Parks and Recreation’s Rob Lowe (actor/NFL fan) and Alan Yang (writer/director/Mouse Rat bassist) host the definitive podcast about the making of the beloved comedy series. Scripps Company (“Scripps”) and certain of its subsidiaries (“Scripps”) to acquire the assets of Stitcher, a pioneer in podcast production, distribution, and ad sales. “On July 13, 2020, Sirius XM entered into an agreement with The E.W. Following is the exact language in the SEC-filed 10-Q (noting that all numbers in the 10-Q are in millions): SiriusXM held its Q2 earnings call, during which the cost of the recently acquired Stitcher was revealed - it is $265-million.