By Colin Kellaher 



  E.W. Scripps Co. on Monday said it agreed to sell its podcast unit Stitcher to Sirius XM Holdings Inc. for up to $325 million. 


  The Cincinnati media company said the deal represents a return of more than double its investment in podcasting over the last five years. 


  The Wall Street Journal last week reported that Sirius was near a deal to buy Stitcher as the satellite-radio giant works to expand into the rapidly growing podcasting industry. 


  E.W. Scripps said it will $265 million of cash upfront, along with a pair of potential $30 million earnout payments based on Stitcher's financial results. 


  E.W. Scripps said it expects to complete the sale in the third quarter. 


  Write to Colin Kellaher at colin.kellaher@wsj.com