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One of Warren Buffett's favorite stocks, Liberty Media Corporation (NASDAQ: LSXMA, LLVYK), recently announced a merger with Sirius XM Holdings (NASDAQ: SIRI) on August 23.
SiriusXM (SIRI) shares rose further Wednesday, a day after announcing it had signed a multi-year agreement with Alex Cooper starting in 2025. The satellite radio company is getting the popular podcaster's "Call Her Daddy" show, as well as ad sales rights to her Unwell Network.
Warren Buffett, known for his selective and strategic investment approach, has recently made headlines by significantly increasing his stake in Sirius XM Holdings Inc (NASDAQ: SIRI) by an impressive 262%. This move stands out, particularly as Sirius XM is preparing for a reverse stock split in the third quarter of 2024.
Over the last six months, 13 high-profile companies have announced or completed a stock split. Warren Buffett and his investment team have been particularly picky for nearly two years, with seven consecutive quarters of net-equity security sales.
Berkshire Hathaway more than tripled its stake in Sirius XM during the second quarter. Sirius XM can be bought at a discount through its tracking shares, but it's interesting to see Berkshire load up on the common stock.
Shares of Sirius XM Holdings (SIRI) advanced Thursday after Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) made a big addition of the stock to its portfolio in the second quarter.
Sirius XM shares have underperformed, down 38% in the past year, with concerns around subscriber trends and the Liberty merger. Q2 earnings show declining revenue and subscriber numbers, raising concerns about the company's future growth, with it potentially being a "melting ice cube." The Liberty merger will move debt above target in an unattractive fashion, likely requiring 18-24 months of debt reduction.
Sirius XM's (SIRI) second-quarter 2024 results reflect weakness in subscribers, advertisement and other revenues.
Although the revenue and EPS for Sirius XM (SIRI) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Sirius XM Holdings posted mixed second-quarter results on Thursday morning. Its 3% decline in revenue is the second-worst drop in the stock's nearly 30 years of trading.