Key Developments: Sirius XM Radio Inc (SIRI.O)
3.50USD
17 May 2013
$0.05 (+1.45%)
$3.45
$3.49
$3.51
$3.43
46,559,455
46,595,516
$3.59
$1.79
Latest Key Developments (Source: Significant Developments)
Sirius XM Radio Inc Intends To Offer $500 Million Of Senior Notes Due 2020
Sirius XM Radio Inc announced that it intends to offer $500 million of Senior Notes due 2020 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S of the Securities Act. SiriusXM intends to use the net proceeds from any such offering for general corporate purposes, which may include, from time to time and as market conditions warrant, share repurchases and the repurchase, redemption, defeasance, tender or repayment of our outstanding indebtedness, including any borrowings outstanding under our revolving credit facility. Pending application of these amounts as provided above, we currently expect to maintain any excess amount as cash on hand. Full Article
Sirius XM Radio Inc Reiterates FY 2013 Guidance
Sirius XM Radio Inc reiterated fiscal 2013 guidance for subscriber growth, revenue, and adjusted EBITDA. The Company expects revenue of over $3.7 billion and Adjusted EBITDA of over $1.1 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $3.8 billion and EBITDA of $1.2 billion for fiscal 2013. Full Article
Sirius XM Radio Inc Names Gregory Maffei As Chairman-Reuters
Reuters reported that Sirius XM Radio Inc named Gregory Maffei, Chief Executive of Liberty Media Corp as Chairman. Maffei replaced Eddy Hartenstein, who would serve as lead Independent Director. Full Article
Sirius XM Radio Inc Reaffirms FY 2013 Guidance
Sirius XM Radio Inc reaffirmed fiscal 2013 guidance and expects revenue of over $3.7 billion, Adjusted EBITDA of over $1.1 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $3.8 billion for fiscal 2013. Full Article
Liberty Media Corp Takes Majority Control Of Sirius XM Radio Inc.-Reuters
Dow Jones reported that Liberty Media Corp has taken majority ownership of Sirius XM Radio Inc., after months of trying to wrest control of the satellite radio broadcaster. John Malone's Liberty Media bought another 50 million shares of Sirius stock at an average price of $3.15 per share. After that purchase, Liberty owns about 1.9 billion shares of Sirius XM's common stock. It also separately owns about 1.29 billion preferred shares. Including the convertible preferred shares, Liberty Media holds about 50.7% of Sirius XM's outstanding common stock. Full Article
Sirius XM Radio Inc To Meet Or Exceed FY 2012 Guidance; Issues FY 2013 Guidance In Line With Analysts' Estimates
Sirius XM Radio Inc announced that for fiscal 2012, it expects to meet or exceed all of its 2012 financial guidance. For fiscal 2013, it expects revenue of over $3.7 billion, Adjusted EBITDA of over $1.1 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $3.4 billion and EBITDA of $952 million for fiscal 2012; revenues of $3.8 billion and EBITDA of $1.2 billion for fiscal 2013. Full Article
Sirius XM Radio Inc Appoints Interim CEO
Sirius XM Radio Inc announced that James E. Meyer has been appointed Chief Executive Officer, on an interim basis, effective immediately. Mr. Meyer, SiriusXM's President of Sales and Operations, succeeds Mel Karmazin, who, as previously announced, informed the Board of Directors that he will not be renewing his current employment agreement. Mr. Meyer will also join the SiriusXM Board of Directors. Upon Mr. Meyer's appointment, Mr. Karmazin relinquished his role as Chief Executive Officer and resigned as a member of the SiriusXM Board of Directors. Full Article
Sirius XM Radio Inc Announces $2 Billion Stock Repurchase Program; Declares Special Cash Dividend
Sirius XM Radio Inc announced that its Board of Directors has approved a $2 billion common stock repurchase program. Shares of common stock may be purchased from time to time on the open market and in privately negotiated transactions. Liberty Media Corporation, the beneficial owner of approximately 49.8% of the Company's stock, has indicated that it will participate in the Company's share repurchases on a pro rata basis so that its relative ownership interest will not be affected by the program. The Company will fund the repurchases through cash on hand, future cash flow from operations and borrowings under its revolving credit facility. The Board of Directors also declared a special cash dividend in the amount of $0.05 per share of common stock, payable on December 28, 2012 to stockholders of record as of the close of business on December 18, 2012. Full Article
Sirius XM Radio Inc Announces $1.25 Billion Revolving Credit Facility
Sirius XM Radio Inc announced that it has entered into a new $1.25 billion five-year senior secured revolving credit facility with a syndicate of banks and other financial institutions. The new facility is secured by substantially all the assets of the Company and its subsidiaries and was not drawn upon at closing. The Company will use borrowings under its facility for working capital and other general corporate purposes, including without limitation, share repurchases, dividends and the financing of acquisitions. Full Article
Sirius XM Radio Inc Reaffirms FY 2012 Guidance-Conference Call
Sirius XM Radio Inc announced that for fiscal 2012, it expects to meet all of guidance that have provided to the street, $3.4 billion of revenue, $900 million in EBITDA, $700 million of free cash flow. Full Article
New CEO to expand Sirius beyond satellite radio in cars
- The new CEO of satellite radio company Sirius XM Radio Inc thinks radio is a good business, but for the future he said opportunities may lie with in-car services like automated safety.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
