Discussion in 'News & Announcements' started by SIRIUSaboutXM, Jan 7, 2014.
Just checked, it was MUSCLE13 in the Sirius backstage forum.
Sounds like I had 2 guys mixed together. Muscle13 pops in from time to time. He got a warning for some sort of bickering or another, but didn't get banned.
He was the stock guy. There was another guy about a year and a half or more ago that couldn't keep his cool and did get banned.
That must've been the Alex Jones disciple.
Hindsight is always 20-20
I touched on that with the stock-boasting guy
oops.... I missed this......
Sirius XM Canada shareholders decry valuation in U.S. deal.
Their latest critique suggests an information circular filed by the company shows that company directors relied on flawed calculations when deciding to recommend that shareholders accept the offer of $4.50 a share. The company has defended the process that led to the deal as fair and thorough, but faces vocal opposition as its nears a shareholder vote scheduled for Aug. 30.
Currently Trading at.....
SIRIUSXM CANADA SET FOR RECAPITALIZATION INFUSION.
SiriusXM Canada has made a majority vote in favour of receiving solely cash consideration in the pending recapitalization of the company—essentially, approving its efforts to go private. Its parent company announced Thursday that large shareholders Slaight Communications and Canadian Broadcasting Corp. are giving the pact a thumbs-up at an upcoming special shareholders meeting.
From Inside Radio - Full Copy
SHAREHOLDERS APPROVE SIRIUSXM CANADA
Sirius XM Canada Holdings Inc.—the parent of Sirius XM Canada—has won approval from a majority of shareholders to go private. As Inside Radio reported August 11, the company’s largest shareholders voted in favor of receiving a solely cash consideration in the pending recapitalization of the company—essentially, approving its efforts to go private. The parent company announced then that Slaight Communications and Canadian Broadcasting Corp—which collectively owned 22.5% of SiriusXM Canada’s outstanding shares—were giving the pact a thumbs-up at a special shareholders meeting.
SiriusXM Canada originally announced in May its intention to go private.
On August 30, SiriusXM Canada announced that a “special majority of voting shareholders” approved the acquisition of all shares. The resolution was approved by 89.14% of the 121,792,144 votes cast by shareholders, and 65.91% of the 38,781,229 votes cast by “disinterested company voting shareholders.”
Mark Redmond, President and CEO of SiriusXM Canada, said in a release, "The strong voting support in favor of the transaction demonstrates that our shareholders recognize an opportunity for them to best maximize the value of their current investment, be it by taking advantage of the premium cash offer, remaining invested in the North American market opportunity, or a combination of both. With these shareholder approvals in place, we will continue to work to secure the necessary regulatory approvals to close the transaction in a timely manner."
The agreement is subject to approval by the Ontario Superior Court of Justice and regulatory approval from the Canadian Radio-television and Telecommunications Commission.
CIBC Lowers Sirius XM Canada Holdings Inc
(XSR) Price Target to C$4.70
From Inside Radio:
SIRIUSXM DOWNPLAYS IMPACT OF SLOWING CAR SALES.
Booming car sales over the past several years have helped Sirius XM Radio grow to more than 30.6 million subscribers at mid-year, a 22% increase over its user base just three years ago. Now as auto sales downshift the company believes it’s in a better position to weather the change as it sticks to a forecast of 1.7 million new subscribers in 2016.
“We still feel very confident [in] the guidance that we've given for the year,” CFO David Frear said at a recent investor conference, pointing out that even as fewer new cars drive off dealer lots, sales overall remain pretty robust on a historical basis. “If we could settle in on this [number] for a long time, we'd be really happy,” he said. Based on company projections SiriusXM continues to projects as many as 185 million vehicles will be on the road equipped with satellite radio within the next decade. That’s roughly double the number of cars enabled today.
Frear told the Goldman Sachs Communacopia 2016 Conference that SiriusXM is “considerably less dependent” on what is occurring on new car lots than it was a few years ago. That’s because it has put more attention on marketing to pre-owned car buyers. There has also been a big push in the service department at car dealers nationwide. “Around 12,000 or 13,000 dealers are now signed-up for what we call our Service Lane program,” Frear said. “Whenever any car rolls into their service bay, they check to see whether or not that's got a satellite radio, does the person have an active subscription, and would they like a free 60-day trial—that's a way of getting access to cars.” SiriusXM has also formed alliances with insurance and auto financing companies as it casts a net to snare car owners beyond dealer car lots.
Frear said SiriusXM is also working to grow what he called the “win back” market that looks to reenlist previous customers who’ve allowed their subscription to lapse. With roughly two out of every three SiriusXM-equipped cars on the road no longer a customer, that could be the proverbial low-hanging fruit to grow subscriber numbers. “As we look at those channels of distribution, slowly but surely new car sales edge down in terms of the level of importance,” he said.
SiriusXM also worries a lot less about the impact of smartphones and streaming services in the car than it did a few years ago. The reason for such confidence is that in cars where people are already accessing web-based services, Frear said there’s been a minor impact on satellite radio usage. “We’re still not seeing it,” he told investors at the New York conference, adding, “I don't think the execution of audio entertainment in the connected vehicles being sold today is all that great.” While he acknowledged it’s bound to improve in the coming years, he believes the fact that SiriusXM will have two pipes into the car with the addition of its streaming-based 360-L product will help the company remain competitive.
Frear also believes SiriusXM will be in a better position because, unlike algorithm-powered streaming services like Spotify or Pandora, it offers unique content. “When we get behind the wheel we're not really thinking about the technology so much, we're thinking more about the product that we're going to get,” he said. “Ultimately, I think that’s what people are coming for.”
That inevitably leads to questions about how SiriusXM may adapt the programming it offers to respond to a new array of commercial-free music options just a phone tap away. Frear didn’t offer any specifics but said change is inevitable especially as satellite radio—and the first generation of subscribers—matures and gives way to a new target customer. “They might be interested in something a little bit different than the 45-year old of 2005,” he said. “The 45-year old of 2016, their content is different and the 45-year of 2025, their content is going to be a little different. So, we have to continue to evolve along with how the market is evolving.”
SiriusXM has hired Michael Weiss as the company’s Senior Advisor to Advertising Sales. Weiss will be involved in expanding initiatives for both national brand advertising and digital advertising. Prior to joining SiriusXM, Weiss spent two decades at CBS Radio, where for the last nine years he was President of Sales.
also from Inside Radio
Sirius Seeks Its Piece of ‘Mammoth’ In-Car Biz
SiriusXM Radio CEO David Meyer consistently touts the company’s cautious investment in any technology or strategies that don’t directly pertain to its content platform. The satellite broadcaster’s interest and involvement in the connected car, however, is a much different story.
“First and foremost, we’ve been incredibly disciplined not being distracted by shiny lights,” Meyer said during the company’s fourth-quarter results call with investors Thursday morning. “But we identified five years ago that the connected vehicle was a business we expected would eventually grow to a mammoth proposition.”
As a result, SiriusXM has been “quietly investing in that position and growing it.” He added that its potential will have a profound effect on the automobile industry and its users for the next two decades. “We see this as a big opportunity and a gigantic area that we continue to look at.”
Meyer’s comments came amid another rosy financial report from the satcaster for both fourth quarter and year-end 2016. Its subscriber base grew by 355,000 in Q4, helping revenue climb 9% to $1.3 billion from $1.19 billion year-over-year. Net income was $204.6 million, compared to $134.6 million in 2015.
The year ended with a new high of 31.3 million subscribers, after adding more than 1.75 million net new subscribers during all of 2016. Annual revenue climbed 10% to a record $5.0 billion. The growth was driven by a 6% increase in subscribers and a 3% increase in average revenue per user.
Meyer told investors during the quarterly call, “The game remains the same at SiriusXM. Start with a great business plan, execute it well, generate lots of cash and invest and deploy that cash wisely. Our track record of delivering what we tell you remains strong as we also beat all of our 2016 guidance on all of these metrics. Consumer demand for our business remains healthy. We expect more of the same in 2017.”
New car penetration has now reached 75%, while used car opportunities continued to grow he said, with 31% of all resold vehicles now equipped with a satellite radio, up from 27% last year. Meanwhile, the company is working with 25,000 franchise and independent dealers to offer trial subscriptions, up from 19,000 in 2015.
A large focus of its strategy to maintain such presence is with SiriusXM’s 360L initiative. “The vision is really simple: Provide a seamless 360 degree listening experience no matter whenever, wherever and however our subscribers want it. We do not care how subscribers listen to SiriusXM, only that they listen,” Meyer stressed.
In-field productions tests of 360L are currently “ramping up,” while the CEO offered for the first time a roll-out forecast: “Full employment will take many years because of auto cycle, but we expect the production launch to reach the market in early 2018. Stay tuned for more of this topic as the year progresses.”
To expand beyond in-car listening, SiriusXM’s 360L is not only directed at mobile and streaming platforms such as Android Auto and Apple Carplay, but also direct access via the likes of Amazon Fire TV; Samsung, LG and Sony televisions; Apple TV; Chromecast; Playstation; and Roku. “Our investments are focused on making it easier to enjoy SiriusXM at home or on the go,” Meyer said.
That certainly folds in to the company’s vision to be dominant in the connected car. Meyer added, “The connected vehicle is now a reality. We are working very hard to understand the opportunities in these markets and focus on those that complement our strengths. One clear opportunity rests in the growing number of services used in connected cars and autonomous cars—and we feel we have an advantage and unique position as a trusted advisor to the [original equipment manufacturers]. We are obviously looking in areas where this position could prove valuable.”
Yep another rip from Inside Radio - 3rd Feb 2017
I haven't looked in a year or more, but it's always interesting to see what comes up with a US Patent Office search.
For Flo & Eddie, End of Pre-’72 Road in New York.
It was a fresh setback for the multistate effort by artists to collect royalties on recordings made prior to Feb. 15, 1972. A federal appeals court in New York dismissed an attempt by Mark Volman and Howard Kaylan—a.k.a. Flo & Eddie, frontmen of the Turtles—to overturn a December decision which concluded federal law exempting all musical works created before that date takes precedent over a never-used state statute.
and the important paragraph:
The New York court’s decision comes nearly three months after SiriusXM agreed to pay as much as $99 million to settle a class action lawsuit filed in California in connection with its use of pre-1972 records. The New York ruling will reduce the size of that payout by more than $5 million according to estimates.
Lame, my local classic station plays pre 72 zepplin every weekend.
Funny, my local FM station plays 72 Zeppelin tunes every weekend.
Also 84 AC/DC tunes, 67 Metallica, and 62 Skynyrd.
Murmuration: A flock of starlings - from my calendar this morning.
MUSIC GROUPS TAKE ISSUE WITH SIRIUS-PRE-1972 SETTLEMENT.
A group of music associations has taken issue with a settlement between SiriusXM Radio and Flo & Eddie of the Turtles over recordings made prior to 1972. According to Billboard, SoundExchange, the Recording Industry Association of America (RIAA) and A2IM filed an amicus (friend of the court) brief asking that the settlement not be approved in its current form.
The associations claim in a filing in the U.S. Central District Court of California that the Nov. 2016 settlement could impact future rate-setting proceedings and how pre-1972 recordings are valued and licensed.
The leaders of ‘60s rock band the Turtles and the satellite broadcaster settled a California federal lawsuit over music royalties for pre-‘72 recordings last November. SiriusXM agreed to a 10-year license for recordings by parties in the class action suit at a 5.5% royalty rate. That would add up to $25-$40 million, depending on how the class action suit turned out in the other states where the Turtles filed suit.
Sound recordings made before Feb. 15, 1972 aren’t covered by federal copyright protections. That’s what led Mark Volman (Flo) and Howard Kaylan (Eddie) and other music rights holders to raise the legal question of whether a public performance right exists for creators of sound recordings under state laws.
The filing says that labels and performer organizations have “deep misgivings about the prospective relief embedded in the Turtles settlement, including the assertion that it identifies a ‘market rate,’” which could be used as evidence in future rate proceedings, according to Billboard.
The satellite broadcaster currently pay 11% of gross revenues for recordings protected by federal copyright law, that is recordings made after 1972. That makes the 5.5% settlement rate with the Turtles class action group half the going rate. The worry among the organizations that filed the amicus brief is that the 5.5% rate, which they call a “steep discount,” could be used against recording artists by SiriusXM as evidence of a market rate when the Copyright Royalty Board begins its royalty rate settling for the 2018-22 period. In December, major label execs told Billboard they were concerned that the satcaster would use the settlement market rate in the CRB proceeding to win a lower rate than it’s currently playing. “Simply put a license spanning 10 years is inconceivable as the product of a transaction between a willing buyer and willing seller,” the filing states, as reported by Billboard. That provision basically saddles “a class of copyright owners with what amounts to a 10-year compulsory license.”
From Inside Radio
SIRIUS ROBOCALLS PROMPT ANOTHER CONSUMER LAWSUIT.
SiriusXM Radio is once again being sued for alleged violations of the Telephone Consumer Protection Act, which forbids telemarketing robocalls. In this instance, Allen TX-based Thomas Buchanan, “on behalf of himself and all others similarly situated,” accuses the satcaster of multiple unsolicited calls inviting him to become a subscriber, despite the fact he is on the National Do-Not-Call Registry.
While the allegations represent Buchanan as a single plaintiff, curiously, he is represented by multiple legal counsel firms and individuals, as listed in court documents obtained by Inside Radio. They include: Hughes Ellzey LLC, Turner Law Offices LLC, Siri & Glimstad LLP, Werman Salas P.C. and Mark A. Alexander P.C. They are based in Texas, Georgia, New York City and Chicago.
In the lawsuit, Buchanan says that he purchased a 2011 Honda Odyssey van in May 2016 in Texas, which “unbeknownst to (Buchanan) and his wife, came with an unconfigured SiriusXM radio installation.” A month later, he says a “welcome package” was delivered, including a free trial offer for the service—which he ignored.
Between July and August, he alleges that he received 16 telemarketing calls, despite being “one of the millions of consumers who have listed telephone numbers on the National Do-Not-Call Registry.”
Buchanan is asking for damages, court costs and a trial by jury for the violation—as well as verification that SiriusXM will cease any such telemarketing calls to registered consumers.
The lawsuit closely mirrors a February filing by five consumers in the Central District of California. Attorney Tammy Hussin is not linked to the Buchanan case.
From Inside Radio
BARCLAYS CITES RISK-REWARD IN LOWER SIRIUSXM RATING.
Investment bank Barclays lowered its rating on SiriusXM Radio stock on Wednesday from a bullish overweight to a neutral equal weight. According to Barclays, the satcaster now has a less favourable risk-reward outlook.
This comes in the wake of SiriusXM’s stock being buoyed recently after Berkshire Hathaway increased its ownership stake to about 3.5% of shares. There have also been recent musings from management of a lower likelihood of a merger with Pandora Media, according to multiple financial publications, and specifically cited by Investors Business Daily. That publication reported that SiriusXM majority shareholder Liberty Mutual “recently threw cold water on speculation that it will buy Pandora, but a possible deal can’t be ruled out.” Liberty owns 67% of the satellite broadcaster.
Perhaps as a direct result, SiriusXM shares fell 1.7% to $5.10 Wednesday. It hit an 11-year high of 5.53 on Feb. 13. Overall, shares of SiriusXM have been robust in 2017, with its stock up nearly 14.5%. In mid-March, it was up almost 22.5%, according to Investopedia. Barclays predicts a stock price target of $4.90.
In its report, The Motley Fool said, “SiriusXM stock may have been a speculative stock a few years ago, but it’s been surprisingly steady by rising every year since the recession- and merger-smacked 2008.” It also assured, “Pessimism and a cautious analyst aren’t fatal. SiriusXM has become one of the market’s biggest winners over the past eight years, in part because of the short squeezes and analyst reversals over that time.”
With the forecast, Barclays analyst Kannan Venkateshwar also offered acute optimism, saying that the satcaster’s stock “has been one of our favorite names over the last few years, on account of its clean execution story, substantial normalized capital returns and visibility of growth rates.” But, he added, “While we continue to like its fundamental story, the next couple of years will likely be a bit different.”
That outlook, Barclays says, comes from its belief that auto sales are heading for a decline: “Sirius has benefited from strong auto sales and rising availability of its service in factory-installed radios, but the auto cycle is slowing,” Venkateshwar said. As well, the bank believes that with 31 million subscribers now, its growth “is likely to ease as the business matures.”
Investors Business Daily responded to the Barclays report saying that SiriusXM has outperformed 92% of stocks in key metrics over the past 12 months.