icon
icon
icon
icon
Upgrade
icon

After selling Bank of America, Berkshire heavily increased its position in SiriusXM (SIRI.US)

AInvestSunday, Oct 13, 2024 9:40 pm ET
1min read

Zhitong Finance learned that Warren Buffett's Berkshire Hathaway (BRK.A.US) made a large purchase of SiriusXM (SIRI.US) shares last week. According to a filing submitted to regulators on Friday, the investment group bought 8.673 million shares in three days, bringing its total holdings in the company to 108.72 million shares. Berkshire Hathaway bought 869,800 shares of SiriusXM on Wednesday; 917,800 shares on Thursday through two separate transactions; and 1,259,300 shares on Friday.

Berkshire Hathaway disclosed its SiriusXM shares in November 2023. After completing its transaction with Liberty Media last September, SiriusXM became an independent publicly traded company with a simplified capital structure. The broadcasting company is expected to report its first earnings since then on October 31.

Founded in 2008, SiriusXM was formed by the merger of Sirius Satellite Radio and XM Satellite Holdings, providing music, sports, entertainment, comedy, talk, news, traffic, weather, and information entertainment channels and services through its proprietary satellite radio system in North America. Later, SiriusXM acquired Pandora, the former music streaming giant. According to its website, SiriusXM generated revenue of $8.95 billion in fiscal 2023, with an EBITDA of $2.79 billion and a net profit of $1.26 billion, reaching 150 million listeners and approximately 34 million subscribers.

By contrast, Berkshire Hathaway has been aggressively selling its shares in Bank of America (BAC.US), reducing its stake in the second-largest bank in the United States to below 10% since mid-July.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.