Is Sirius XM Stock the New King of All Media?

Sirius XM Holdings (NASDAQ: SIRI) is reportedly going shopping again. The satellite radio giant is making a play to acquire podcasting hub Stitcher from Scripps (NASDAQ: SSP), according to a Wall Street Journal report. The $300 million deal would arm Sirius XM with its third investment in a streaming platform since the beginning of last year. 

Sirius XM closed on its $3.5 billion deal for Pandora in February 2019, a transaction that has helped pad its top-line results for the past five quarters. Earlier this year it invested $75 million for a minority stake in SoundCloud. Sirius XM has been the exclusive radio home of legendary morning show host Howard Stern since 2006, an icon who has crowned himself the "King of All Media" over the years. With Sirius XM reportedly buying into yet another digital asset, it's fair to to say that it's also making a run at the coronation process.

Image source: Sirius XM Holdings.

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Source Fool.com