Berkshire Hathaway, under Warren Buffett, continues to increase its stake in satellite radio company Sirius XM, with its shareholding ratio rising to 33.2%. According to regulatory filings, Berkshire purchased $60.7 million worth of stock within three days, becoming the largest investor in Sirius XM. Analysts point out that Berkshire's increased holdings may reflect its strategy to enhance its portfolio of media and technology assets. Sirius XM is a North American radio entertainment company that provides a variety of content through satellite broadcasting
According to the Zhitong Finance APP, Berkshire Hathaway, led by Warren Buffett, continues to increase its stake in satellite radio company Sirius XM (SIRI.US). According to a regulatory filing, Berkshire increased its holdings in Sirius XM by $60.7 million over three days ending Thursday, now owning 33.2% of the outstanding shares. Sirius XM also owns the music streaming platform Pandora.
Last month, Berkshire became the largest investor in Sirius XM after John Malone's Liberty Media spun off its 83% stake in Sirius XM and merged it with another part of Sirius XM's independent tracking stock, of which Berkshire was already the largest holder.
Last month, after selling Bank of America shares, Buffett significantly increased his position in Sirius XM. A regulatory filing in mid-October showed that the conglomerate purchased $86.73 million worth of shares within three days, raising its total holdings in the company to 108.72 million shares. Since then, Berkshire has continued to increase its stake, buying over 1.5 million additional shares.
So far this year, Sirius XM's stock price has fallen by more than half. Analysts point out that Berkshire's repeated increases in Sirius XM may reflect the company's strategy to enhance its portfolio of media and technology assets.
Sirius XM is a North American radio entertainment company that provides live and curated services through satellite broadcasting, offering content such as music, sports, drama, talk, and news, primarily maintaining stable profits through in-car scenarios. It was formed by the merger of Sirius Satellite Radio and XM Satellite Radio in 2008.
Sirius XM also acquired the former music streaming giant Pandora. According to its official website, Sirius XM's revenue for the fiscal year 2023 reached $8.95 billion, with EBITDA and net profit of $2.79 billion and $1.26 billion, respectively, and its listening audience reached 150 million, with approximately 34 million subscribers