Benzinga | Oct 11, 2021 03:17PM EDT

SiriusXM, Audio Up Collaborate Over Podcast, Audio Entertainment

* Sirius XM Holdings Inc (NASDAQ:SIRI) subsidiary Sirius XM Radio Inc forged a new creative programming and strategic agreement with podcast and audio entertainment production studio Audio Up.

* Audio Up will create original scripted podcasts for SiriusXM and its owned audio platforms while collaborating with SiriusXM to develop new audio entertainment concepts and forge new promotional and distribution synergies across SiriusXM properties.

* Now SiriusXM has an exclusive "first-look" co-production option for new Audio Up original podcast concepts, with accompanying options for exclusive distribution across SiriusXM properties. It also has exclusive rights to manage and sell advertising inventory and sponsorship regarding any podcast produced for SiriusXM through its SXM Media combined sales organization.

* Related: Facebook Intensifies Podcast Wars With 'Audio' Hub

* Audio Up also completed a $12 million Series B funding round led by SiriusXM.

* SiriusXM SVP Andrew Moss also joined the board of Audio Up.

* Price Action: SIRI shares traded lower by 1.24% at $5.99 on the last check Monday.