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.
Wed, Feb. 25, 5:05 PM
- In Q4 results, Liberty Media (NASDAQ:LMCA) pointed to Sirius XM's (NASDAQ:SIRI) earnings -- Liberty's stake in Sirius XM now stands at 57%, and the SIRI stake represents over 90% of Liberty's market cap -- as well as completing its spinoff of Liberty Broadband in November.
- Net income on a GAAP basis was $143.1M vs. the prior $65.2M. Adjusted EBITDA was $381.3M, beating an expected $377M and up from the prior year's $325.6M.
- The company rebought 489K shares of LMCK class from Nov. 1 through Jan. 31, at a cost of $17M.
- Adjusted OIBDA for Q4 rose to $359M, up from the prior year's $319M. Removing depreciation and amortization, operating income rose to $206M from the prior year's $189M.
- Cash on a GAAP basis stood at $681M at year's end. Debt, primarily in Sirius XM senior notes, was at $5.85B.
- Free cash flow was $330.7M compared with the prior year's $303.2M.
- Press release
Thu, Feb. 5, 9:13 AM
- Sirius XM (NASDAQ:SIRI) reported a Q4 beat on top and bottom lines as subscribers grew to 27.3M total (up from prior year 25.6M).
- Net subscriber adds in quarter of 576.7K. Self-pay net adds were 508K, up from prior year's 411.5K.
- Monthly churn down slightly to 1.8%.
- Free cash flow reached a Q4 record of $331M ($0.059/share).
- Operating expenses up 5.6% to $797.3M, with 15% increases in cost of customer service/billing and 21% increase in sales and marketing making up much of the increase.
- For the full year: Revenues up 10% to $4.18B; Net income was up 31% to $493M; Adjusted EBITDA up 26% to $1.47B; and free cash flow up 25% to a record $1.16B. Share buybacks reached $2.5B in 2014; leverage "remained steady at about 3.1x EBITDA."
- Shares up 1.9% premarket.
- Press Release
Thu, Feb. 5, 7:03 AM
Wed, Feb. 4, 5:30 PM
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Wed, Jan. 7, 7:28 AM
- Sirius XM (NASDAQ:SIRI) reports it added 1.75M subscribers in 2014 to top its target of 1.5M.
- Total self-pay subscribers at the end of the year were 22.5M.
- The company also expects to beat its 2014 guidance for revenue, EBITDA, and free cash flow.
- 2015 guidance: Revenue of ~$4.4B; Subscriber growth at 1.2M net; EBITDA of $1.6B.
Nov. 24, 2014, 8:29 AM| 16 Comments
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Oct. 2, 2014, 3:14 AM
- Sirius XM Radio (NASDAQ:SIRI) will appeal a California federal judge's ruling stating it violated state copyright laws for airing pre-1972 songs by the band, The Turtles, without paying royalties.
- Last month, U.S. District Judge Philip Gutierrez found that California law gave the band copyright protection, although federal copyright only applies to recordings made after February 1972.
- The outcome of the case will have wide reaching implications for not only digital music services, but for radio stations and public venues as well.
Sep. 23, 2014, 11:42 AM
- A judge in California rules that Sirius XM Radio (SIRI +1.6%) violated state copyright laws and may have to pay members of the Turtles royalties for the use of the rock group's hit songs.
- The case has been closely watched by the music industry with efforts underway to way create an "Oldies Law" for recordings which predate a 1972 federal law.
Sep. 9, 2014, 5:36 PM
- Sirius XM Radio (NASDAQ:SIRI) +0.8% AH after raising FY 2014 guidance for net subscriber additions to ~1.45M, from previous guidance of 1.25M, reaffirming 2014 guidance for revenue of $4.1B, adjusted EBITDA of $1.425B and free cash flow of $1.1B.
- SIRI says its outlook for "self-pay" subscriber additions remains at ~1.25M for the year.
- "The company is executing extremely well, and with this summer's strong new car sales, we now expect to comfortably exceed our previous subscriber target," CEO Jim Meyer says.
Aug. 5, 2014, 7:55 AM
- Liberty Media (NASDAQ:LMCA) reports its ownership in SiriusXM (NASDAQ:SIRI) grew to 56% in Q2.
- The company's spinoff of Liberty Broadband is scheduled to occur in 2H of 2014.
- Under the terms of the spinoff, shareholders will receive one-fourth of a share of the corresponding series of Liberty Broadband common stock for every whole share of Liberty Media's common stock held by them.
Jul. 29, 2014, 7:21 AM
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