Wed, Aug. 26, 4:27 PM
- Sirius XM (NASDAQ:SIRI) is up 1.3% after hours (adding on to today's 2.5% gain) as it adds another $2B onto its stock repurchase authorization.
- That lifts the buyback authorization to a lofty $8B. An initial $2B authorization in December 2012 was supplemented with $2B additions in October 2013 and July 2014.
- The company says it's got sufficient capital capacity to return value to shareholders while making long-term investments and pursuing strategic opportunities.
- Most recently, the company reported $294M cash against total debt of $5.1B.
Tue, Aug. 4, 5:51 PM
- Sirius XM Canada (OTC:SIICF) -- a Canadian affiliate of Sirius XM Holdings (NASDAQ:SIRI) -- says its CFO is leaving the company.
- Michael Washinushi is exiting his post to pursue other business opportunities. He'll stay on full-time until Sept. 4 and then act as an adviser to smooth any transition.
- The company has begun a search for Washinushi's replacement. "We have a very skilled finance team, many of whom have been with the Company for numerous years," says CEO Mark Redmond. "In addition, finance expertise runs deep across our Board of Directors ... we are confident the Company has the bench strength it needs and will be well supported."
Tue, Jul. 28, 8:56 AM
- Sirius XM (NASDAQ:SIRI) is up 3.1% premarket after growing revenues and subscribers in Q2, and raising guidance across the board for the full year.
- Revenues that grew nearly 8% led to net income of $103M, including a pretax $108M royalty litigation settlement. Adjusted net income was $170M (up 29%). EBITDA of $415M (up 12%) was a quarterly record and beat an expected $412M.
- Revenue by segment: Subscriber revenue, $940M (up 7.1%); advertising revenue, $28.8M (up 13.1%); equipment revenue, $29.3M (up 6%); other revenue, $125M (up 20.1%).
- It added 692K net new subscribers (up 46% Y/Y); 519K self-pay net new adds were up 36.6%. Paid subscribers rose to 28.4M and self-pay subscribers to 23.4M (record highs).
- After "phenomenal on all fronts" performance in the first half, it's guiding for increases across the board for 2015: total net sub adds of 1.8M (1.6M net self-pay adds); revenue of $4.5B (in line) and EBITDA of about $1.62B (vs. an expected $1.645B), and free cash flow of about $1.3B. It's the second time the company has raised guidance this year for subscriber growth.
- Press Release
Tue, Jul. 28, 7:03 AM
Wed, Jul. 8, 11:44 AM
- Sirius XM (SIRI -1.1%) has formed a new employment agreement changing the title of David Frear to senior executive VP and CFO, and extending him until May 31, 2018.
- The deal also grants Frear options on 14.25M shares of common stock, vesting annually over the next three years.
- Frear's cash compensation at last report was $2.45M/year.
Fri, Jun. 26, 9:58 AM
- Sirius XM (SIRI +0.3%) says it reached a $210M settlement with major labels to resolve a royalty lawsuit over pre-1972 recordings.
- The company came to agreement with Universal, Sony, Warner, and independent ABKCO to settle some uncharted territory, since federal copyright law doesn't predate 1972.
- The deal settles past infringements and provides for Sirius XM to play the labels' old songs through 2017. Sirius XM can also make new licenses with them through 2022.
- The company says the labels represented to SIRI that they "own, control or otherwise have the right to contract with respect to approximately 80% of the pre-1972 recordings we have historically used."
- A similar case brought by Flo & Eddie (founders of the Turtles) is separate and unresolved.
Wed, Jun. 24, 7:04 PM
- Sirius XM (SIRI -1.3%) is getting a first, via a deal with Fox (FOX, FOXA) an all-news channel coming this fall.
- Fox News Headlines 24/7 will also be the country's only national 24-hour live news channel, providing a satellite counterpart to the local news that terrestrial radio listeners can hear.
- It's staffing around the clock and will focus on breaking news -- to the exclusion, Fox says, of any of the political opinion/commentary that populates much of Fox's cable news channel.
- Sirius XM does, however, feature Fox News Talk, which is an opinion-driven station shared with terrestrial radio.
Mon, Jun. 22, 3:28 PM
- A U.S. District judge handed Sirius XM (SIRI +0.3%) a victory in an ongoing battle over song royalties, ruling that under Florida law, the company doesn't have to pay royalties on pre-1972 recordings.
- The case relates to litigation pursued by Flo & Eddie (founding members of the Turtles group, makers of the song Happy Together).
- "If the court adopts Flo & Eddie's position, it would be creating a new property right in Florida as opposed to interpreting the law," ruled District Judge Darrin Gayles in Miami. "The court declines."
- At issue is state-by-state pursuit of copyright relief. Gayles contrasted Florida with similar clashes between Flo & Eddie and Sirius XM in California and New York, where it makes sense that "the creative centers of the nation's art world" would have well-developed case law on the issue. "Florida is different."
- Previously: Judge certifies potentially huge class action against Sirius XM (May. 27 2015)
Tue, Jun. 16, 4:48 PM
- Sirius XM Holdings (NASDAQ:SIRI) says its radio subsidiary has amended its senior secured revolving credit facility, expanding it to $1.75B from $1.25B and its maturity to 2020.
- The facility hasn't been drawn upon. Sirius XM will use it for working capital and corporate purposes (including dividends and financing acquisitions).
- SiriusXM's financial strength has continued to rapidly improve," says CFO David Frear, "and we are pleased that the bank market has recognized that fact allowing us to increase the facility size by 40% while improving terms and extending the maturity.
- Shares are down 0.3% after hours.
Wed, May 27, 3:56 PM
- A U.S. District judge's certification of a class-action lawsuit expands a massive headache for Sirius XM (SIRI +0.5%) -- as an action that started with members of 1960s band the Turtles now could bring in plaintiffs from any pre-1972 sound recording played on the satellite network over the past six years.
- The case was brought by Howard Kaylan and Mark Volman ("Flo & Eddie") of the Turtles (famous for No. 1 hit Happy Together) over public performance rights to the group's songs. Kaylan and Volman won summary judgment last fall that Sirius XM had violated California law.
- It's complicated to sort out song ownership, but with a plaintiff class that covers most anyone who owns a pre-1972 recording, the bill could be massive: Sirius XM reported more than $4B in revenues last year, 10-15% of that attributable to pre-1972 recordings -- and that's just one of the five years in question.
- Previously: Royalty lawsuit against Sirius XM Radio moves forward (Nov. 24 2014)
- Previously: Sirius XM will appeal California judge's copyright ruling (Oct. 02 2014)
- Previously: Landmark ruling in push for 'Oldies' royalties (Sep. 23 2014)
Tue, Apr. 28, 9:24 AM
- Sirius XM Holdings (NASDAQ:SIRI) is off 1.3% premarket after a Q1 miss on top and bottom lines that still saw double-digit growth in net income and strong subscriber additions.
- Adjusted EBITDA of $399M was up 19% to an all-time high and beat an expected $392M. EBITDA margin of 37% was also a company high.
- Net subscriber additions during Q1 were 431K, up 61% from the prior-year 267K. Self-pay net adds were 394K, up from prior year's 173K. Self-pay monthly churn was down slightly to 1.8% from 1.9%. Ending total subscribers was 27.4M.
- Revenue breakout: Subscriber, $911.5M (up 7%); Advertising, $26.9M (up 21%); Equipment, 24.8M (up 3.6%); Other, $117.8M (up 17.7%).
- Free cash flow of $276M, up 24%.
- The company raised its guidance on 2015 revenue to $4.47B (vs. expectations of $4.48B) and raised its expected net subscriber adds to 1.4M, while reiterating guidance for adjusted EBITDA of $1.6B (vs. expectations of $1.639B) and free cash flow of about $1.25B.
- Press release
Tue, Apr. 28, 7:02 AM
Thu, Apr. 2, 3:31 PM
- Sirius XM (NASDAQ:SIRI) is up 2.2% today as Nissan rolled out new vehicles for 2016, some of which will feature a new Sirius telematics program.
- The platform will feature vehicle security, vehicle health monitoring, remote access and more across three tiers of service. The highest tier will add to basics like emergency services with destination services including search and journey planning.
- Sirius XM also has telematics partnerships with other major manufacturers, including Acura, BMW, Honda, Hyundai, Infiniti, and Toyota and Lexus.
- Previously: New York Auto Show: Nissan talks capacity, unveils Maxima (Apr. 02 2015)
Wed, Mar. 11, 10:56 PM
- "Using Live Nation (NYSE:LYV) to differentiate Sirius (NASDAQ:SIRI) and using Sirius to promote Live Nation is very logical," says Liberty Media (NASDAQ:LMCA) CEO Greg Maffei of the two entertainment companies in which his firm is a major shareholder: 57% of SIRI, 27% of LYV. "But I remain somewhat disappointed that more things haven't happened there." Maffei was speaking to the Deutsche Bank conference.
- Macquarie's Amy Yong agrees: It's not that the satellite radio and concert promotion companies need a merger (which would be complicated by the ownership), but: "If both worked more closely, they can help each other cross promote or market their products/services," she says.
- There may be opportunities for Sirius to broadcast LYV concerts, and for LYV to promote Sirius among its heavy people traffic, but as for tie-ups: "We are the consolidators," says Live Nation's chief Michael Rapino, preferring to focus on his acquisitions. "Geographically, if there was a ticketing company in the right market that we thought could accel our operation versus building, we'd look."
Fri, Mar. 6, 5:45 AM
- CBS slipped 1.5% yesterday, and Viacom (VIA, VIAB) another 1.2%, as Deutsche Bank's Brian Kraft weighed in on big media in a spate of coverage updates noted at Benzinga. He expects continued profit growth in the sector, particularly with international expansion.
- Kraft actually has a Buy on Viacom with an $83 price target (yesterday's close: $70.37). Though the company is starting layoffs (see TV Land) amid widespread ratings issues, Kraft says investor worries about contract renewals are overdone, and its discounted value is attractive.
- Twenty-First Century Fox (NASDAQ:FOXA) is another buy at a $42 target (yesterday: $34.87), with "best in the sector" three-year prospects for profit growth, as is Time Warner at a $100 target (yesterday: $83.26).
- He started CBS at Hold with a target of $67 (yesterday: $61.55) and Disney at Hold with a target of $105 (yesterday: $105.03), praising both stocks but suggesting they're a bit overdone.
- Also getting a Hold was Sirius XM (NASDAQ:SIRI), and Liberty Media (NASDAQ:LMCA) -- whose holdings are now 90% Sirius XM.
Tue, Mar. 3, 8:33 AM
- Sirius XM (NASDAQ:SIRI) plans an offering of $750M in senior notes due 2025.
- Proceeds to be used for general purposes, including debt retirement/rollover or stock repurchase.
- In its Q4 report, Sirius XM noted leverage was steady at about 3.1x EBITDA. The company had $147.7M in cash and equivalents at year's end, against $4.5B in long-term debt.
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