SiriusXM Posts Record Revenue, 300K New Subs In Q3 Earnings Report
Excerpts from the article by Dan Rys on Billboard
SiriusXM has a lot to celebrate in its earnings report for the third quarter of this year: at $1.5 billion, Sirius’ revenue jumped six percent over the same period last year, and set a new record for quarterly revenue for the company. Driving much of that growth was a boost of 298,000 additional self-pay subscribers for the quarter, bringing its number to 28.5 million self-pay subscribers. In total, Sirius ended the quarter with approximately 33.7 million total subscribers, according to its filings with the SEC.
This was the first quarterly report since Sirius announced Sept. 24 it had reached an agreement to acquire Pandora in an all-stock deal worth $3.5 billion, which the company expects to close in the first quarter of 2019. That deal would create a combined internet radio conglomerate that would have brought in just shy of $7 billion in revenue in 2017.
"We have tremendous respect for Pandora and their team for building a massively popular consumer offering, and we believe there are significant opportunities to create value for both companies' stockholders by combining our complementary businesses,” SiriusXM CEO Jim Meyer said in its investor report. “The addition of Pandora will diversify SiriusXM's revenue streams with the U.S.'s largest digital ad-supported audio offering, broaden our technical capabilities, and represents an exciting next step to expand our reach out of the car even further.”
Read the full article on Billboard