sirius xm holdings inc (SIRI) Key Developments
Sirius XM Holdings Inc. Announces Resignation of Enrique Rodriguez as Executive Vice President, Operations, Products and Connected Vehicle
Jun 30 15
On June 26, 2015, Enrique Rodriguez, Executive Vice President, Operations, Products and Connected Vehicle of Sirius XM Holdings Inc., delivered his resignation from all positions he holds with the company and subsidiaries in order to accept a senior leadership position with another company. Mr. Rodriguez's resignation is effective on July 17, 2015.
Sirius XM to Pay $210 Million to Settle Lawsuit over its Lack of Payments for Playing Pre-1972 Songs
Jun 26 15
Sirius XM has agreed to pay $210 million to settle a lawsuit over its lack of payments for playing pre-1972 songs. SoundExchange said that Sirius XM reached the settlement to end a lawsuit filed by five major record labels. While individual US states protect copyright, federal law only applies to recordings from after February 15, 1972, allowing Sirius XM, which broadcasts to a spread-out audience of subscribers via satellite, and Internet radio provider Pandora to argue that they were exempt. Sirius XM did not respond to a request for comment. Previously, Sirius XM has argued that copyright laws are unfair and antiquated as US law requires satellite and Internet broadcasters, but not traditional radio stations, to compensate performers for playing their songs. Under longstanding arrangements, terrestrial US radio stations need to pay royalties only to songwriters, not performers, as broadcasts are considered to be promotional. The settlement comes amid rapid changes in the music industry, with Apple set on Tuesday to launch an international radio station as part of a new streaming platform. Sirius XM still faces a class-action suit over its pre-1972 music filed by Flo and Eddie, the vocal pair behind The Turtles, known for hits such as 1967's Happy Together. Flo and Eddie last year won a court case against Sirius XM, with a judge agreeing that California law protected pre-1972 ownership of songs. The duo has also targeted Pandora. It was not immediately announced how the $210 million would be distributed among artists.
SiriusXM and FOX News Announce Launch of FOX News Headlines 24/7
Jun 24 15
SiriusXM and FOX News announced the launch of FOX News Headlines 24/7, a new national headline news service and full-time satellite radio channel produced by a dedicated team of FOX News journalists and contributors. The channel, part of a multi-year agreement, will launch in the fall of 2015 to all SiriusXM subscribers on channel 115. Staffed 24 hours a day, 7 days a week and 365 days a year, FOX News Headlines 24/7 on SiriusXM will deliver the day's top stories at any time. FOX News Senior Vice President of News Jay Wallace will oversee operations of the new channel, in addition to his current responsibilities managing news at FNC. Utilizing the resources of FOX News, FOX Business Network, FOX News Radio, Foxnews.com, and Foxbusiness.com the new channel will be continuously updated with headlines, breaking news, on-scene reporting, business news, politics, entertainment, sports, and more. SiriusXM listeners will be able to access breaking news throughout their day wherever they listen to SiriusXM, whether in the vehicle, or via the SiriusXM app or online at siriusxm.com.
Sirius XM Radio Inc. Entered into Amendment to Existing Senior Secured Revolving Credit Facility
Jun 19 15
On June 16, 2015, Sirius XM Radio Inc. entered into an amendment No. 2 to existing senior secured revolving credit facility with JPMorgan Chase Bank, N.A, as the administrative agent, and a syndicate of banks and other financial institutions and other agents parties thereto, to, among other things, increase the commitments there under to $1.75 billion and extend the maturity thereof to be five years after the date of such amendment. Amendment No. 2 provides for a $1.75 billion senior secured revolving credit facility, under which Sirius XM may borrow and re-borrow from time to time. The obligations under the Credit Agreement are guaranteed by certain of Sirius XM's material domestic subsidiaries. The obligations under the facility are secured by a lien on substantially all of Sirius XM's assets and the assets of Sirius XM's material domestic subsidiaries, subject to certain exceptions. The Credit Agreement contains incremental facilities which would allow Sirius XM to increase or get new commitments under the revolving facility and/or incur new term loans, subject to the terms of the Credit Agreement.
Sirius XM Holdings Seeks Acquisitions
Jun 16 15
Sirius XM Holdings Inc. (NasdaqGS:SIRI) is seeking acquisitions. Sirius XM Radio Inc. entered into an amendment to its existing senior secured revolving credit facility with a syndicate of banks and other financial institutions to increase total commitments from $1.25 billion to $1.75 billion. Sirius XM Holdings will use borrowings under its facility for working capital and other general corporate purposes, including without limitation, share repurchases, dividends and the financing of acquisitions.