Editor's take: Podcasting has become the next big thing in entertainment. If you have a passion for a particular interest or hobby, odds are, someone is making a podcast about it. The cost of entry is minimal – so long as you have a knack for natural conversation and something interesting to say, you can probably find an audience and audio companies are taking notice.

Spotify isn’t the only major audio company looking to fortify its foundation through podcasting. According to a recent report from The Wall Street Journal, Sirius XM is close to finalizing a deal with E.W. Scripps Co. to purchase its Stitcher Inc. podcasting unit.

Sources familiar with the matter told the publication that the deal is valued around $300 million.

If true, the move would represent Sirius XM’s latest attempt to diversify its business. The company still generates most of its revenue from paid subscriptions to its satellite radio service although in early 2019, it closed on a deal to acquire streaming Internet radio service Pandora for $3.5 billion in stock.

In February, iHeartMedia announced it would be turning some of its popular podcast series into books and in May, Spotify inked a deal with Joe Rogan to be the exclusive provider of his podcast starting next year. The latter deal was reportedly worth more than $100 million.

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