SiriusXM Stock Surges After Warren Buffett’s Berkshire Hathaway Boosts Its Stake
:max_bytes(150000):strip_icc()/GettyImages-2156279086-3dff0366858a4ab28322c3b07fbd60fc.jpg?w=780&resize=780,470&ssl=1 "SiriusXM Stock Surges After Warren Buffett’s Berkshire Hathaway Boosts Its Stake")
Key Takeaways
- SiriusXM shares rallied Monday after Warren Buffett’s Berkshire Hathaway raised its stake in the satellite radio company.
- Berkshire Hathaway now holds a stake of nearly one-third in SiriusXM.
- Even with Monday’s gains, SiriusXM shares have struggled this year, losing about half their value so far in 2024.
SiriusXM (SIRI) shares rallied Monday after Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) raised its stake in the satellite radio company.
Berkshire Hathaway bought 3.6 million shares for roughly $97 million across four purchases from Wednesday to Friday, according to a Securities and Exchange Commission filing. The purchases bring Berkshire’s stake to nearly one-third of SiriusXM.
SiriusXM shares rose nearly 9% in afternoon trading Monday, though even with Monday’s gains, they’ve lost about half of their value so far in 2024.
SiriusXM Adds Exclusive Content Deals
In August, SiriusXM signed a multi-year agreement with Alex Cooper to bring her popular “Call Her Daddy” show to its platform starting in 2025. The deal is reportedly for three years and worth $125 million, double her current arrangement with Spotify (SPOT).
The move is part of a “comprehensive programming development strategy for exclusive content with SiriusXM, expected to begin rolling out in 2025,” the company said.
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