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The company also provided updated financial guidance.
You might have woken up this morning to see Sirius XM Holdings (NASDAQ: SIRI) down a whopping 7% on early trading. And now, at time of publishing, it's back up over 4% in midday trading.
Berkshire Hathaway's significant stake increase in Sirius XM signals confidence in its strategic pivots, strong cash flow, and potential for a major rebound. Sirius XM's near-monopoly in satellite radio, coupled with its shift towards exclusive content and streaming, positions it well against competitors like Spotify and Apple Music. The merger with Liberty Sirius XM and a planned reverse stock split are key catalysts that could drive a re-rating of the stock.
Sirius XM completed its merger with Liberty Media's Sirius XM tracking stock and reverse split its stock. Management reiterated most of its prior guidance, with one big change.
With Simplified Capital Structure and a Clear Path Forward, North America's Leading Audio Entertainment Company is Well-Positioned to Continue its Transformation SiriusXM Updates Free Cash Flow Guidance to Reflect the Impact of the Closing of the Liberty Media Transaction Company Confirms Quarterly Dividend and Announces $1.166 Billion Stock Repurchase Authorization NEW YORK , Sept. 10, 2024 /PRNewswire/ -- Sirius XM Holdings Inc. (NASDAQ: SIRI) today kicked off a new chapter as an independent public company with a simplified capital structure and strategy for continued success following the closing of its transaction with Liberty Media.
Stock-split euphoria has played a key role in lifting Wall Street's major stock indexes to record-closing highs in 2024. When trading opens today, Sept.
ENGLEWOOD, Colo. & NEW YORK--(BUSINESS WIRE)--Liberty Media and Sirius XM Announce Completion of Split-Off and Merger.
Sirius XM was one of Berkshire Hathaway's stock purchases in the second quarter. The company is struggling amid competition from Spotify and YouTube.
Nu and Sirius XM are among the dozens of stocks in Berkshire Hathaway's portfolio of publicly traded investments. Nu Holdings just posted accelerating revenue growth with profitability growing twice as fast.
Sirius XM is trading more than 40% lower in 2024. Sluggish growth turned negative last year, and Sirius XM has shed more than 600,000 net subscribers this year.