Last week, Berkshire Hathaway (BRK.A), led by Warren Buffett (Trades, Portfolio), significantly increased its holdings in SiriusXM (SIRI, Financial). Regulatory filings revealed that over a three-day period, the investment group purchased $86.73 million worth of SiriusXM shares, bringing its total to 108.72 million shares. Berkshire Hathaway acquired 869,800 shares on Wednesday, followed by 917,800 shares and 517,200 shares in two transactions on Thursday, and 1,259,300 shares on Friday.
Berkshire Hathaway disclosed its investment in SiriusXM in November 2023. Following a transaction with Liberty Media, SiriusXM emerged as a streamlined independent public company in September of the previous year. SiriusXM is set to announce its first financial results since the restructuring at the end of this month.
SiriusXM was formed in 2008 from the merger of Sirius Satellite Radio and XM Satellite Radio Holdings. It provides a range of channels and infotainment services across North America using proprietary satellite broadcasting technology. The company later acquired Pandora, a former leader in music streaming. In fiscal year 2023, SiriusXM generated $8.95 billion in revenue, with earnings before interest and taxes at $2.79 billion and net profit of $1.26 billion. The service boasts 150 million listeners and 34 million subscribers.
Conversely, Berkshire Hathaway has been reducing its stake in Bank of America (BAC), the second-largest bank in the U.S. Since mid-July, the company has been selling off shares, lowering its ownership to below 10%.
