NEW YORK, July 15, 2014 /PRNewswire/ -- Sirius XM
Holdings Inc. (NASDAQ: SIRI) today announced that its Board of
Directors has approved an additional $2
billion common stock repurchase program. Shares of
common stock may be purchased from time to time on the open market
and in privately negotiated transactions, including in accelerated
stock repurchase transactions and transactions with Liberty Media
and its affiliates. The Company will fund the repurchases
through cash on hand, future cash flow from operations and future
borrowings.
SiriusXM's Board of Directors approved a $2 billion common stock repurchase program in
December 2012 and supplemented that
authorization with the approval of an additional $2 billion common stock repurchase program in
October 2013. The new approval increases to an aggregate of
$6 billion the amount of common stock
SiriusXM has been authorized to repurchase.
The announcement of the extension of the repurchase program
reflects the Board's desire to continue to return value to
stockholders and its confidence in the long-term growth prospects
of the Company's business. SiriusXM retains sufficient
capital capacity to continue making long-term investments in its
programming, research and development initiatives and overall
operations, as well as to pursue strategic opportunities that may
arise.
Repurchases will be made in compliance with all SEC rules and
other legal requirements and may be made in part under a Rule
10b5-1 plan, which permits stock repurchases when the Company might
otherwise be precluded from doing so.
About SiriusXM
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world's largest
radio broadcaster measured by revenue and has 25.8 million
subscribers. SiriusXM creates and broadcasts commercial-free
music; premier sports talk and live events; comedy; news; exclusive
talk and entertainment; and the most comprehensive Latin music,
sports and talk programming in radio. SiriusXM is available in
vehicles from every major car company in the U.S. and from
retailers nationwide as well as at shop.siriusxm.com. SiriusXM
programming is available through the SiriusXM Internet Radio App
for smartphones and other connected devices as well as online at
siriusxm.com. SiriusXM also provides premium traffic, weather, data
and information services for subscribers in cars, trucks, RVs,
boats and aircraft through SiriusXM Traffic™, SiriusXM Travel Link,
NavTraffic®, NavWeather™, SiriusXM Aviation, SiriusXM Marine™,
Sirius Marine Weather, XMWX
Aviation™, and XMWX Marine™. SiriusXM holds a minority
interest in SiriusXM Canada which has more than 2 million
subscribers.
On social media, join the SiriusXM community on Facebook,
Twitter, Instagram, and YouTube.
This communication contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning.
Such forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results may differ materially from
the results anticipated in these forward-looking
statements.
The following factors, among others, could cause actual
results to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: our
competitive position versus other radio and audio entertainment
providers; our ability to attract and retain subscribers, which is
uncertain; our dependence upon the auto industry; general economic
conditions; failure of our satellites, which, in most cases, are
not insured; the interruption or failure of our information and
communications systems; the security of the personal information
about our customers; royalties we pay for music rights, which
increase over time; the unfavorable outcome of pending or future
litigation; our failure to realize benefits of acquisitions; rapid
technological and industry change; failure of third parties to
perform; changes in consumer protection laws and their enforcement;
failure to comply with FCC requirements and other government
regulations; and our indebtedness. Additional factors that
could cause our results to differ materially from those described
in the forward-looking statements can be found in our Annual Report
on Form 10-K for the year ended December 31,
2013, which is filed with the Securities and Exchange
Commission (the "SEC") and available at the SEC's Internet site
(http://www.sec.gov). The information set forth
herein speaks only as of the date hereof, and we disclaim any
intention or obligation to update any forward looking statements as
a result of developments occurring after the date of this
communication.
E - SIRI
Contact Information for Investors and Financial Media:
Investors:
Hooper Stevens
212 901 6718
hooper.stevens@siriusxm.com
Media:
Patrick Reilly
212 901 6646
patrick.reilly@siriusxm.com
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SOURCE Sirius XM Holdings Inc.