SiriusXM Holdings (DesireShares of the company rose 12% on Wednesday after Warren Buffett’s Berkshire Hathaway.BRK-A, BRK-B) revealed new stakes in the satellite and online broadcaster.
The company bought nearly 9.7 million shares in the September quarter, with a market value of about $43.8 million, according to Berkshire Hathaway’s 13F report disclosing its holdings.
Sirius stock has underperformed so far this year, down about 10% compared with the S&P 500 (^GSPC) grew 17% over the same period.
company report Third-quarter results were better than expected, but fell short of revenue expectations. Total revenue fell 0.4% from the same period last year, dragged down by a 0.3% annual decrease in user revenue.
However, advertising revenue increased 0.7% year over year to $460 million, bucking recent industry trends amid an unstable macroeconomic environment.
September, liberal media announced a proposal Regarding the potential transaction to merge Liberty SiriusXM Group (LSXM) and SiriusXM to form a new merged public company.
At the Liberty Investor Day earlier this month, SiriusXM CEO and President Jennifer Witz said that a special committee of independent directors is currently reviewing the proposal, adding: “I want to emphasize that regardless of the Liberty proposal and Regardless of the outcome of any trade, hypothetically, I believe we can quickly achieve our communicated long-term leverage targets if needed.”
The update comes as Buffett, often called the “Oracle of Omaha,” sells his stakes in other companies, including General Motors (General Motors), Johnson & Johnson (Johnson & Johnson), Procter & Gamble (PG), Mondelēz (Miz), Celanese (CE), UPS (ups) and Activision Blizzard, fully Merged with Microsoft in October.
He also cut his stake in Amazon (Amazon) about 5% and his stake in Chevron (CVX) exceeds 10%.
In addition to Sirius, there are billionaires also invested Publicly traded holding company that owns the Atlanta Braves of Major League Baseball and the Atlanta Battery Club.
Documents show he bought 223.6 million shares worth nearly $8 million.
Atlanta Braves Holdings Inc. (Batra), which was spun off from Liberty Media in July, report Third-quarter profit was US$272 million, an increase of 11% from the same period last year due to increased game attendance.
Buffett’s long history with the media and entertainment
Buffett’s Berkshire Hathaway Company owns more than 65 companies in various industries and has a long history in the media and entertainment business.
Berkshire agrees to buy after serving as financial adviser to help broker deal between broadcasters ABC and Capital Cities Communications 18% stake in new conglomerate for US$517 million Help with merger financing. At the time, the deal was the largest non-oil deal in modern U.S. business history.
“I like media companies as a business,” Buffett said. New York Times “I’m interested in the product. I’ve always thought media had a bright future, but it took Wall Street a long time to realize it.”
In 1995, Disney announced A $19 billion merger of equals Partnering with Capital Cities/ABC – another landmark corporate acquisition and a key step in solidifying Disney’s all-encompassing entertainment legacy.
The 93-year-old billionaire has also owned 30 daily newspapers over the years, including his hometown Omaha World-Herald, as well as other holdings through BH Media Group, Berkshire’s print and publishing unit.
The department is final sale Buffett admits company will pay Lee Enterprises $140 million in 2020 2019 Yahoo Finance Interview “Cheers” to the newspaper business.
“The world has changed dramatically, and it’s happened gradually,” Buffett said.[The business] From monopoly to franchising to competition to… Cheers. “
Yet despite the industry’s challenges, Buffett remains a lifelong lover of newspapers.
The Washington Post is one of Berkshire Hathaway’s major holdings until sold In 2014, Amazon acquired Jeff Bezos for $250 million.
alexandra canal is a senior reporter at Yahoo Finance.Follow her on Twitter @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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