As if the Howard Stern Show were not already controversial enough, we now have a class action lawsuit from a Stern Intern for unpaid wages. Plaintif Melissa Tierney is suing SuirusXM for unpaid wages. The suit is filed on behalf of herself and any similarly situated intern at SiriusXM. The case centers around the fact… → Read More
With the best showing in years for several auto makers, sales in May of 2014 topped 1.6 million, well above the 1.44 million we saw in May of 2013. This also represents the second consecutive month that auto sales have demonstrated substantial growth over the year prior. This is good news for SiriusXM in that… → Read More
In a development that may be tough to read, Liberty Media stated today that it makes sense to roll SiriusXM into its business but says that the company will not chase such a deal. It seems like a vote of confidence tossed on top of a vote of non-confidence. While some shareholders will celebrate the… → Read More
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The King of Pop may be gone, but his music will live on forever. SiriusXM has launched The Michael Jackson Channel, an exclusive, limited-run channel celebrating the King of Pop’s legendary solo music career. If you love Michael Jackson and his body of work, this channel is a can’t miss event. The 15 day running… → Read More
SiriusXM announced today that Nowcom will provide seamless integration of the SiriusXM Pre-Owned Program into its DealerCenter dealer management products. DealerCenter is Nowcom’s all-in-one DMS software that helps car dealers manage their customers and leads, sales, inventory, financing, websites and online marketing. There are about 4,500 dealerships across the country that utilize DealerCenter. By integrating… → Read More
April auto sales are in and we are finally seeing some improvement over last year. In April 2014 auto sales came in at 1,386,608. This represents an improvement of just over 100,000 units from last year and sets the pace for a realistic chase for 16 million in sales this year. SiriusXM is installed in… → Read More
Not long ago I stated that I fully expected siriusXM to issue new debt. That happened today with what was initially a $750 million offering and subsequently the amount doubled to $1.5 billion at 6% and is due in 2024. The new funds will allow the company to continue with a planned share buyback. The… → Read More
SiriusXM reported quarterly earnings today and for the most part the company met expectations and there was little surprise in the numbers delivered. The first quarter of 2014 started off with revenue of $998 million and earnings per diluted share 0f $0.02. Net income was $94 million, and Adjusted EBITDA reached a record of $335… → Read More
As I get ready to write this I can not help but think back to the past 24 months and tons of keystrokes regarding a debt to EBITDA ratio of 4.5 vs. the 3 that Mel Karmazin said was the sweet spot. At the time, I pointed out that the added debt would be used… → Read More
SiriusXM will be reporting its quarterly financials this Thursday. In my opinion the key element of this call will be expectations. Right, wrong, or indifferent, Sirius has shifted from a “darling” when Liberty Media made an offer to bring the company under its umbrella to “questionable” ever since Liberty pulled its offer off of the… → Read More