Shares of Spotify Technology S.A. (SPOT) climbed 3.5% on Wednesday after the online-music service and Omnicom Media Group, a behemoth global ad agency, announced a deal in which Omnicom will spend $20 million on podcast ads in the second half of 2020. The accord comes as Sirius XM Holdings Inc. (SIRI) edges toward acquiring podcasting network Stitcher Inc. from E.W. Scripps Co. (SSP) for about $300 million, according to a report ( the Wall Street Journal. Scripps bought Stitcher in 2016 for $4.5 million in cash.
-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 08, 2020 11:48 ET (15:48 GMT)
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