SiriusXM ups dividend ahead of merger
October 27, 2023
Pay-radio operator SiriusXM says it will boost its quarterly cash dividend to shareholders by 10 per cent.
Sirius XM Holdings Inc, the parent company, announced that its Board of Directors declared a quarterly cash dividend of $0.0266 per share reflecting an increase of approximately 10 per cent over the previous quarter’s dividend. This regular quarterly dividend is payable in cash on November 29th, 2023, to stockholders of record at the close of business on November 7th, 2023.
SiriusXM, already majority owned (83 per cent) by Liberty Media, is in the process of being wholly merged with Liberty.
The proposal then is that SiriusXM will be spun off (as Liberty SiriusXM Grp or LSXM).
After the proposed merger, minority investors of SiriusXM would own about 16 per cent of the new company, while Liberty Media would own the balance.
SiriusXM claims to be the leading audio entertainment company in North America with a portfolio of audio businesses including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services of Pandora; an expansive podcast network; and a suite of business and advertising solutions. The businesses reach a combined monthly audience of approximately 150 million listeners.