One of the great things about intrade (recently split from TradeSports) is that they are open to suggestions from wide-eyed academics. For example, at Justin and Eric‘s urging, intrade listed several simple combinatorial markets, including baskets of states (e.g., “FL+OH”) in the 2004 US Presidential election and an October surprise market probing for a statistical correlation between Bush’s 2004 reelection and bin Laden’s capture.
Recently, again at Eric and Justin’s request, intrade launched a Sirius-XM merger market to predict whether the two satellite radio companies’ wedding vows will be blessed by the U.S. Department of Justice and the Federal Communications Commission.
The picture of XiriuM as a powerful monopoly threatening consumer choice is, to put it bluntly, laughable.
The problem I see for XiriuM is that one-way purely broadcast technologies are nearing extinction. Even if some media don’t directly utilize the Internet or even TCP/IP, they will almost surely use a two-way communications link of some kind. Why? Ostensibly, because consumers want personalization and interactivity. Perhaps more to the point, because publishers and advertisers want better targeting and performance metrics.
The only “way out” I see for XiriuM is to actually become an Internet service provider for cars, much like the (formerly broadcast-only) cable companies did, for example by bundling high speed satellite downloads with a low bandwidth cellular uplink. Even so, I imagine that latency would be a serious problem, as with HughesNet (formerly Direcway) satellite Internet service, meant for use in rural areas with no broadband alternatives.
So, although I have no idea how DOJ will rule, and thus have no advice for intrade bettors, I do know how DOJ should rule: “sure, knock yourselves out”. Plus I have some throw away advice for SIRI and XMSR shareholders:… Sell!
Good post. Unfortunately you missed the biggest point of electronic media going back to the beginnings of radio and the point that won’t change no matter what happens. Content Is King! There are about a million internet radio stations. There is only one Howard Stern and only one National Football League and only one Oprah Winfrey. He who has the content in media ALWAYS wins no matter what the medium. Otherwise you are just one of a million internet stations with 5 listeners a piece.
> Content Is King!
You’re right, my argument is mainly about music, but music is a big driver of satellite radio sales, at least as big as the specialized content.
I agree that Howard, NFL, etc. are also big drivers. However, satellite pays for this content on top of their huge infrastructure costs. Internet radio can pay for content too (and once they have distribution they will have the funding). Moreover, Internet radio can arguably pay a whole lot more for content than satellite, because they have comparatively negligible infrastructure costs.
“You’re right, my argument is mainly about music, but music is a big driver of satellite radio sales, at least as big as the specialized content.”
When Howard signed with Sirius about 2 years ago they had 600 hundred thousand subscribers. Today they have over 6 million subscribers with Howard being on the air just a little over a year. There is no way music is as big a driver as Howard or specialized content. Not even close.
“Internet radio can pay for content too (and once they have distribution they will have the funding).”
About a million internet radio stations. Very fragmented industry. Doubt that any of them will have the funding or spend the money for bigtime content. Its possible. I doubt internet radio goes in that direction. Too fragmented. By that time Sirius and XM will be in just about every car with all the major content wrapped up.
Thanks for the great/insightful comments. You may well be right. I’m still convinced that Internet will have equal or greater penetration into cars for other reasons (maps, traffic, news, info, communication, etc.), so the question becomes whether consumers will pay for both.
Also, Internet radio may not be as insignificant/fragmented as you think. Yahoo! Launchcast alone averaged 2.3 million unique listeners per week in December 2006: http://www.arbitron.com/onlineradio/dec_ratings_2006.htm
“Also, Internet radio may not be as insignificant/fragmented as you think.”
I have no doubt you are correct that the internet will be pervasive in the car. I also think you are definitely correct that internet radio is wildly popular. I read it doubled its audience last year. I think it may have 40 million or more listeners already. Free Terrestrial radio is already wildly popular with 95% of the people in this country listening. Maybe internet can even reach that one day. BUT……WHAT WILL PEOPLE PAY FOR? 10,000 terrestrial stations, a million internet stations, OR Howard Stern and Major League Baseball. Answer is obvious. Content is king. People pay for content. Satellite radio has the content. Will big internet radio like AOL or Yahoo acquire content and move the internet in the right direction? Doubt it. Not as long as they view themselves as technology companies instead of the media companies that they should have become 10 years ago.
Here is an article with a similar argument to my own, citing a more recent development (AOL Music on iPhone):
http://www.alleyinsider.com/2008/6/iphone_aol_radio
HI David – According to published reports Sirius is going over 20 million paid subscribers this year with projected EBITDA of about 600 million dollars. Has internet radio killed it yet?
SIRIUS XM Reaches 20 Million Subscribers
Press Release Source: SIRIUS XM Radio On Tuesday November 30, 2010, 8:30 am
NEW YORK, Nov. 30, 2010 /PRNewswire/ — SIRIUS XM Radio (Nasdaq:SIRI – News) today announced that it recently surpassed 20 million subscribers, a record number of subscribers in satellite radio history.
Mel Karmazin, SIRIUS XM’s Chief Executive Officer, stated, “Reaching and surpassing 20 million subscribers is a significant milestone for us. We have added the last 10 million subscribers faster than the first 10 million — despite a tremendously competitive environment — representing a strong endorsement of our service and our programming by discerning consumers who want and demand the best in audio entertainment. As a leader in audio entertainment, SIRIUS XM has assembled the best content, personalities, and entertainers that satisfy our subscribers’ diverse interests.”
In celebration of this milestone, SIRIUS XM previously announced a special, subscriber-only broadcast of an exclusive Paul McCartney concert at the Apollo Theater in New York City on December 13, 2010.
About SIRIUS XM Radio
SIRIUS XM is America’s satellite radio company, broadcasting more than 135 channels of commercial-free music, and premier sports, news, talk, entertainment, traffic, weather, and data services to 20 million subscribers in cars, trucks, boats and aircraft, and through a wide range of mobile devices.
SIRIUS XM offers an array of content from some of the biggest names in entertainment, as well as from professional sports leagues, major colleges, and national news and talk providers. SIRIUS XM programming is also available at sirius.com and xmradio.com, and on Apple iPhone and iPod touch, BlackBerry and Android-powered mobile devices using the SIRIUS XM Premium Online App.
SIRIUS XM has arrangements with every major automaker and its radio products are available at retail locations nationwide, as well as shop.sirius.com and shop.xmradio.com.
http://finance.yahoo.com/news/SIRIUS-XM-Reaches-20-Million-prnews-2589258261.html?x=0&.v=1
Press Release Source: SIRIUS XM Radio On Wednesday September 14, 2011, 1:37 pm EDT
NEW YORK, Sept. 14, 2011 /PRNewswire/ — Sirius XM Radio (Nasdaq:SIRI – News) today provided 2012 financial and subscriber guidance and affirmed its previous guidance for 2011.
(Logo: http://photos.prnewswire.com/prnh/20101014/NY82093LOGO)
SiriusXM’s guidance for 2012 includes:
Revenue growth of 10% to approximately $3.3 billion,
Adjusted EBITDA growth of 20% to approximately $860 million, and
Free cash flow growth of 75% to approximately $700 million.
“Our new guidance for 2012 demonstrates our expectation of robust growth next year,” said Mel Karmazin, Chief Executive Officer, SiriusXM. “SiriusXM’s outstanding financial performance in the midst of considerable economic uncertainty will continue in 2012 as we grow our subscriber base and free cash flow and anticipate that our revenue and adjusted EBITDA growth will accelerate.”
The company also affirmed its existing 2011 guidance, including:
Net subscriber additions of approximately 1.6 million,
Revenue of approximately $3 billion,
Adjusted EBITDA of about $715 million, and
Free cash flow approaching $400 million.
“In the 10 years since SiriusXM launched service, we have expanded our programming line-up to provide an unparalleled listening experience. On January 1, 2012, we will increase the base price of Sirius and XM Select from $12.95 to $14.49 per month and will adjust prices on many of our other programming packages. This is the first price increase on our basic service packages since the addition of the NFL, NASCAR, Howard Stern, Martha Stewart and many college sports to our programming line-up. Through continued investments in technology, the best and most diverse programming in radio is available to our subscribers in cars, homes, offices, business establishments, on the internet and smartphones. We will expand our programming and technology further with the launch of SiriusXM 2.0 in the coming months,” said Karmazin.
About Sirius XM Radio
Sirius XM Radio is America’s satellite radio company. SiriusXM broadcasts more than 135 satellite radio channels of commercial-free music, and premier sports, news, talk, entertainment, traffic, weather, and data services to over 21 million subscribers. SiriusXM offers an array of content from many of the biggest names in entertainment, as well as from professional sports leagues, major colleges, and national news and talk providers.
SiriusXM programming is available on more than 800 devices, including pre-installed and after-market radios in cars, trucks, boats and aircraft, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available at siriusxm.com, and on Apple, BlackBerry and Android-powered mobile devices.
SiriusXM has arrangements with every major automaker and its radio products are available for sale at shop.siriusxm.com as well as retail locations nationwide.
http://finance.yahoo.com/news/SiriusXM-Provides-2012-prnews-1607834342.html?x=0&.v=1
It was just another morning at SiriusXM, which dishes out an eclectic and complex blend of 180 satellite radio channels to almost 22 million customers across North America. Last year, it took in $3 billion in sales and dethroned Clear Channel Media as the largest radio company in the U.S. by revenue.
http://www.latimes.com/entertainment/news/la-ca-sirius-xm-20120401,0,5698289.story
NEW YORK, Oct. 10, 2012 /PRNewswire/ — Sirius XM Radio (SIRI) today reported net subscriber additions were 445,921 in the quarter ended September 30, 2012. SiriusXM ended the third quarter with a record 23,365,383 subscribers. Additionally, the company announced that it is raising its net subscriber additions guidance to 1.8 million for 2012 from its previous guidance of 1.6 million.
“These strong net additions produced our best third quarter since the merger and exceeded third quarter 2011 subscriber growth by 34%,” noted Mel Karmazin, SiriusXM’s Chief Executive Officer. “With almost 1.5 million net subscribers already added in 2012 and continuing growth in auto sales, we will significantly exceed our previous guidance of 1.6 million, marking our third increase in subscriber guidance this year and putting us on track for record post-merger net additions.”
http://finance.yahoo.com/news/siriusxm-reports-446-000-third-170000735.html
SiriusXM Surpasses 25 Million Subscribers
Second Quarter Net Additions of 715,000 Set Post-Merger Record
Company Raises Subscriber Guidance
NEW YORK, July 9, 2013 /PRNewswire/ — Sirius XM Radio (SIRI) today announced that it added 715,000 net new subscribers in the second quarter, bringing its total subscribers to more than 25 million. Strong automotive sales helped drive 15% growth in net additions over the second quarter of 2012 and set a post-merger record for quarterly net subscriber additions. The Company also announced that it was raising full-year guidance for total net subscriber additions to 1.5 million from its previous guidance of 1.4 million.
“The new subscriber additions in the quarter have helped SiriusXM reach an exciting new milestone that reflects the popularity and reach of SiriusXM programming and services,” said Jim Meyer, CEO, SiriusXM. “The quarterly results bolster SiriusXM’s leadership position in a dynamic audio entertainment marketplace as we continue our trend of strong, profitable growth. Additionally, we are raising 2013 subscriber guidance to 1.5 million net additions based on our record performance in the quarter.”
http://finance.yahoo.com/news/siriusxm-surpasses-25-million-subscribers-110000953.html
SiriusXM Reports Second Quarter 2014 Results
PR Newswire
Sirius XM Holdings Inc. July 29, 2014 7:00 AM
NEW YORK, July 29, 2014 /PRNewswire/ —
Revenue Exceeds $1.0 Billion, Up 10% From Second Quarter of 2013
Net Income of $120 Million
Adjusted EBITDA Grows 31% to a Record $370 Million
Free Cash Flow Increases 42% to a Record $335 Million
Share Repurchases Exceed $1.6 Billion in 2014
2014 Financial Guidance Raised
SiriusXM announced second quarter 2014 financial and operating results, including revenue of $1.035 billion, up 10% from the second quarter 2013. Net income was $120 million, or $0.02 per diluted share, in the second quarter of 2014.
Adjusted net income climbed 60% to $131 million in the second quarter of 2014 from $82 million in the second quarter of 2013. Adjusted EBITDA for the second quarter of 2014 reached a record $370 million, up 31% from $283 million in the second quarter of 2013.
“SiriusXM once again posted outstanding results in the second quarter by adding 475,000 total net new subscribers, including 380,000 net new self-pay subscribers. We set new records for trial conversions to self-pay, adjusted EBITDA and adjusted EBITDA margin in the quarter, and we are raising our 2014 guidance for revenue, adjusted EBITDA, and free cash flow,” stated Jim Meyer, Chief Executive Officer, SiriusXM.
“Our extraordinary operating performance supported the buyback of over 350 million shares in the quarter, or approximately 6% of our outstanding stock. Perhaps more importantly, we improved our superior content by adding even more channels and shows created with major brands and personalities, such as Joel Osteen, NBC’s TODAY Show, and YouTube, and we expanded the range and depth of our commercial-free music programming with the introduction of three new channels in the categories of country, women’s pop, and dance,” added Meyer. “As the leader in audio entertainment, we never rest in searching for new content that our subscribers will love.”
Additional financial and operating highlights of the second quarter include:
Subscribers Exceed 26.3 Million. Net subscriber additions in the second quarter of 2014 were 475,472. The total paid subscriber base reached a record 26.3 million, up 5% from a year earlier. Self-pay net subscriber additions were 379,711, and the self-pay subscriber base reached a record high of 21.6 million, up 7% from the second quarter of 2013. Paid and unpaid trials combined to produce a total trial funnel of 7.3 million at the end of the second quarter of 2014, the largest in our history.
Adjusted EBITDA and Adjusted EBITDA Margin Highest Ever. Adjusted EBITDA climbed 31% from the second quarter of 2013 to a record quarterly amount of $370 million. The Company’s adjusted EBITDA margin reached a record 35.7% in the second quarter of 2014, up approximately 570 basis points from the second quarter of 2013.
Free Cash Flow Per Share Climbs 47%. Free cash flow in the second quarter of 2014 was $335 million, up 42% from $237 million in the second quarter of 2013. Free cash flow per diluted share was 5.4 cents in the second quarter of 2014, up 47% from 3.7 cents in the second quarter of 2013.
“Since we launched our capital return program in late 2012, we have returned approximately $3.75 billion to stockholders in less than two years,” noted David Frear, Chief Financial Officer, SiriusXM.
“On July 15th, our Board of Directors increased our cumulative share repurchase authorization to $6 billion. Total debt-to-adjusted EBITDA at the end of the second quarter 2014 was 3.5 times, and our $1.25 billion revolving credit was undrawn, leaving us ample liquidity to return capital to shareholders and pursue strategic opportunities as they arise,” added Frear.
2014 GUIDANCE
SiriusXM reaffirmed its previously issued 2014 guidance for net subscriber additions and increased its guidance for revenue, adjusted EBITDA, and free cash flow:
Net subscriber additions of approximately 1.25 million,
Revenue of approximately $4.1 billion,
Adjusted EBITDA of approximately $1.425 billion, and
Free cash flow of approximately $1.1 billion.
http://finance.yahoo.com/news/siriusxm-reports-second-quarter-2014-110000429.html
SiriusXM Increases 2014 Subscriber Guidance
PR Newswire
Sirius XM Holdings Inc. 4 hours ago
NEW YORK, Sept. 9, 2014 /PRNewswire/ — SiriusXM today raised its 2014 guidance for net subscriber additions to approximately 1.45 million, an increase from previous guidance of approximately 1.25 million.
“SiriusXM’s subscriber growth is tracking ahead of our prior expectations. 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,” said Jim Meyer, CEO, SiriusXM.
http://finance.yahoo.com/news/siriusxm-increases-2014-subscriber-guidance-201500256.html
NEW YORK, Jan. 7, 2015 /PRNewswire/ — SiriusXM today announced that it ended 2014 with 27.3 million subscribers, reporting 1.75 million net subscriber additions in the year, exceeding the company’s increased guidance of 1.5 million net additions. Self-pay net additions in 2014 were 1.44 million, exceeding the company’s 2014 guidance of 1.25 million and resulting in ending self-pay subscriptions of over 22.5 million.
The company also announced that it expects to exceed its 2014 guidance for revenue, adjusted EBITDA and free cash flow.
“SiriusXM performed very well in 2014, exceeding our 2014 subscriber and financial guidance, even after pushing most of these targets higher during the year. With more people than ever subscribing to satellite radio, we expect the company’s strong performance to continue in 2015,” said Jim Meyer, SiriusXM’s Chief Executive Officer.
“Our exclusive, diverse, and expertly curated content continues to have widespread appeal. SiriusXM’s automotive distribution is growing by millions of units per year, and we expect to continue our exceptional track record of growth while simultaneously investing in innovative new services for the connected vehicle,” added Meyer.
The company also issued 2015 guidance for net subscriber additions, revenue, adjusted EBITDA, and free cash flow:
Net subscriber additions of approximately 1.2 million,
Revenue of approximately $4.4 billion,
Adjusted EBITDA of approximately $1.6 billion, and
Free cash flow of approximately $1.25 billion.
SiriusXM expects to announce its complete results for the fourth quarter and full year 2014 on February 5, 2015.
http://finance.yahoo.com/news/siriusxm-exceeds-2014-subscriber-financial-120000975.html
April 28 (Reuters) – Sirius XM Holdings Inc raised its revenue and subscriber additions forecast for 2015 as strong U.S. auto sales drive an increase in customers for the satellite radio service.
People who buy new cars fitted with Sirius receivers usually get free access for a few months, but must pay a fee to continue the service.
The number of Sirius’s paying subscribers rose 7.4 percent to 27.7 million as of March 31 from a year earlier – the highest rate of increase in six quarters.
Auto sales in the United States have been healthy in the first three months of the year, with consumer demand for new vehicles strengthening.
Sirius, which competes with music streaming services such as Pandora Media Inc and Spotify, said it now expects to add 1.4 million net new subscribers this year, up from its prior forecast of 1.2 million.
The company also raised its revenue forecast for the full year by $70 million to $4.47 billion.
http://finance.yahoo.com/news/sirius-xm-raises-2015-subscriber-115132916.html
INCREASED 2015 GUIDANCE
“Our performance in the first half has been phenomenal on all fronts,” Frear added. “As a result, we are increasing guidance across the board for subscribers, revenue, adjusted EBITDA, and free cash flow. Our adjusted EBITDA guidance includes approximately $19 million of incremental expense from the reported royalty litigation settlement that will be reflected in the second half of 2015. Reported free cash flow in the second half of 2015 will exclude the cash payment we expect to make this month under the settlement.”
Our full year 2015 guidance is as follows:
Net self-pay subscriber additions of approximately 1.6 million,
Total net subscriber additions of approximately 1.8 million,
Revenue of approximately $4.5 billion,
Adjusted EBITDA of approximately $1.62 billion, and
Free cash flow of approximately $1.3 billion.
http://finance.yahoo.com/news/siriusxm-reports-second-quarter-2015-110000250.html
“With subscribers at an all-time high of nearly 29 million and record adjusted EBITDA and adjusted EBITDA margin, our third quarter was one of the strongest performances in our company’s history. We are confident of our continued success in the fourth quarter, and we are increasing our guidance for self-pay and total net subscriber additions, revenue, and adjusted EBITDA,” said Jim Meyer, Chief Executive Officer, SiriusXM.
http://finance.yahoo.com/news/siriusxm-reports-third-quarter-2015-110000687.html
SiriusXM Surpasses 30 Million Subscribers
NEW YORK, April 11, 2016 /PRNewswire/ — SiriusXM announced today that it added 465,000 net new subscribers in the first quarter of 2016, resulting in a record-high of 30.1 million subscribers as of March 31, 2016. Self-pay net additions were 348,000 in the quarter, resulting in a self-pay subscriber base of 24.6 million at quarter’s end.
“SiriusXM has grown from a pioneering startup to a media powerhouse in less than fifteen years of service by providing listeners with the best audio entertainment available,” said Jim Meyer, Chief Executive Officer, SiriusXM.
“Our exclusive, unmatched content and ease of use has led us to this important subscriber milestone. I’d like to thank our dedicated employees, our valuable content creators and brands, our automotive distributors, and most of all our paying subscribers for their contribution to our success,” added Meyer.
“We believe there is more success to come because of our relentless search for new and exciting content, our intense focus on subscriber satisfaction, and our significant investments in next-generation services and platforms,” said Meyer.
SiriusXM plans to report full first quarter 2016 financial and operational results on April 28, 2016. For more information, please visit investor.siriusxm.com.
SECOND QUARTER 2016 HIGHLIGHTS
SiriusXM Subscribers Surpass 30.6 Million. The company added 587,000 net new subscribers to end the second quarter of 2016 with more than 30.6 million subscribers, an increase of 8% from 28.4 million subscribers at the end of the second quarter of 2015. Self-pay net additions were 507,000 during the second quarter, resulting in self-pay subscribers of 25.1 million, up 7% versus the prior year period.
Double-Digit Revenue Growth and Record ARPU. Revenue climbed 10% to $1.2 billion, a record high for any single quarter. The increase was driven by an 8% increase in subscribers and a 3% increase in average revenue per user (ARPU) to $12.78.
Free Cash Flow Reaches a Quarterly Record $395 Million. Free cash flow increased 6% to $395 million in the second quarter of 2016 from $371 million in the second quarter of 2015.
http://finance.yahoo.com/news/siriusxm-reports-second-quarter-2016-110000662.html
THIRD QUARTER 2016 HIGHLIGHTS
SiriusXM Subscribers Approach 31 Million. The company added 345,000 net new subscribers during the most recent three month period to end the third quarter of 2016 with approximately 31 million subscribers. Self-pay net additions were 385,000 during the third quarter, resulting in self-pay subscribers of 25.5 million at September 30, 2016.
Strong Revenue Growth and Record ARPU. Revenue climbed 9% to a quarterly record of $1.3 billion. The growth was driven by a 7% increase in subscribers and a 3% increase in average revenue per user (ARPU) to $13.04.
Record Adjusted EBITDA. Adjusted EBITDA in the third quarter of 2016 was $492 million, a record quarterly high, and up 10% from $447 million in the third quarter of 2015. Adjusted EBITDA margin was a record high 38.4% in the third quarter of 2016, up from 38.2% in the third quarter of 2015.
“Since the start of the third quarter, we spent roughly $300 million to repurchase 72 million shares of our common stock. SiriusXM’s average share count declined by 8% in the third quarter 2016 from a year earlier as a result of our share repurchases. We are also pleased to announce a regular dividend as an element of our capital return program, beginning at $0.01 per share per quarter. Our debt to adjusted EBITDA remained just 3.4 times, and we ended the third quarter 2016 with a cash balance of $572 million in anticipation of the October 1 redemption of our 5.875% Senior Notes due 2020. We expect to continue strong capital returns to stockholders while making strategic investments in technology, content, and new satellite infrastructure,” noted David Frear, Chief Financial Officer, SiriusXM.
http://finance.yahoo.com/news/siriusxm-reports-third-quarter-2016-110000900.html
SiriusXM Exceeds 2016 Subscriber Guidance; Issues 2017 Subscriber and Financial Guidance
NEW YORK, Jan. 5, 2017 /PRNewswire/ — SiriusXM today announced that it ended 2016 with over 31.3 million subscribers, adding more than 1.7 million net subscriber additions in the year, exceeding the company’s increased guidance of 1.7 million net subscriber additions. Self-pay net subscriber additions in 2016 were 1.66 million, exceeding the company’s increased guidance of 1.6 million and resulting in self-pay subscriptions of approximately 26 million at year end.
The company also announced that it expects to meet or exceed its 2016 guidance for revenue, adjusted EBITDA and free cash flow.
“SiriusXM had an incredible 2016. In addition to topping 31 million subscribers, our business is running efficiently and we are attaining records in revenue, adjusted EBITDA, adjusted EBITDA margin, and free cash flow. Our relationships with our OEMs have never been stronger and demand for our product continues to grow,” said Jim Meyer, SiriusXM’s Chief Executive Officer.
“We continue to make substantial investments in new products, content and technologies, including investments in new satellites, our next-generation 360L platform, wideband chipsets, and new marketing capabilities. In 2017, we expect to continue our never-ending focus on bringing our customers the best content bundle available, and our strong record of delivering cost-effective growth and returning substantial capital to stockholders through stock buybacks and our recently-introduced dividend,” added Meyer.
http://finance.yahoo.com/news/siriusxm-exceeds-2016-subscriber-guidance-130000368.html
Howard Stern and More: Why Warren Buffett Bought Stock in Sirius XM
February 16, 2017
Buffett’s Berkshire Hathaway (brk.a, -0.14%) holding company reported in a quarterly filing Tuesday it now holds about 166.64 million shares of the satellite radio provider (siri, +0.58%) . That translates to an $825 million holding as of midday trading Thursday, or about 3.5% of Sirius XM shares
http://fortune.com/2017/02/16/howard-stern-warren-buffett-sirius-xm/
Pandora, Faded Star of Online Music, Gets Cash Infusion From Sirius XM
https://www.nytimes.com/2017/06/09/business/dealbook/pandora.html