HITS Daily Double


Sirius XM added 345k net new subscribers in the third quarter of 2016 as revenue hit a record $1.28b. Revenue was up 9% over the same period a year ago. The satellite radio company now has 31m subscribers.

The company’s board of directors also announced its first quarterly dividend, which will be payable on 11/30. Sirius XM is also in the process of a share buyback, with an additional $2m in share repurchases approved. Its total repurchase authorization has reached $10b.

“Our business is operating more efficiently than ever before, and we are pleased to increase our revenue and adjusted EBITDA guidance for the second time this year," said Sirius XM CEO Jim Meyer. "In recent months, we've strengthened areas where we are leaders, such as country music, added new talent in talk programming, and held special, one-of-a kind live music events for subscribers and listeners nationwide, all content you can only find at SiriusXM."

Sirius anticipates it will have about 1.7m subscribers by year’s end with annual revenue hitting $5b. Its costs could spike, however, as the Copyright Royalty Board is expected to determine in the next few months, satellite radio’s royalty rates for the years 2018 through 2022.