SiriusXM Changes

While John Malone is waiting for the synergies that will come from owning iHeart, SiriusXM, Live Nation and Pandora, SiriusXM appears to be in for lots of changes ahead of any successful merger.

SiriusXM is run by Jim Meyer currently.

During the year ahead while Malone’s Liberty Media tries to takeover iHeart in bankruptcy, Meyer will direct SiriusXM that may have an expanded role once a merger is completed.

For now, there is plenty of change for the future of SiriusXM.  

  • No new Sirius radios are being manufactured or being installed– They are considered the inferior technology to the one XM subscribers have so Ford, Chrysler and Mercedes-Benz vehicles are getting SiriusXM receivers which are actually XM radios. They are considered far superior to the Sirius system and have greater flexibility for change when needed.  There will be no replacement for existing Sirius radios.  John Malone is rich but he’s not going to spring for that.
  • Strategy for dealing with resistant Millennials who won’t subscribe to satellite radio
  • Top management shakeup by the end of the year
  • Ad revenue vs. the subscription model
  • What former CEO Mel Karmazin threatened to do to shake up the revenue stream and why Mel is turning out to be right. 

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Glut of Stations for Sale

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  1. Six times cash flow is a nice number for owners to sell their stations – would you believe what the new number will be and where it’s heading next?
  2. You’ve probably heard of a good number of stations and groups in the market to sell all or some of their stations – now you can add these three to your list.
  3. Potential buyers are now in the driver’s seat, but they are still not buying at favorable prices – why?
  4. Multiples are down, too many stations on the market – what new factor has emerged in the last 45 days as the biggest deterrent to station acquisitions.
  5. The increasing list of sellers have real pressure to get out – here’s what happens if they can’t. 

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Entercom’s Financial Troubles

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  1. Entercom is not a $9.65 stock (that’s not me talking, it’s the market) – here’s what it really is (and the math to prove it).
  2. David Field keeps upping the synergy cutback number from $25 million then quadrupled to $100 million and now an extra $10 million added on to $110 million – if he really plans on cutting $110 million, here’s what that will look like. 
  3. Not one day after the CBS merger happened did investors bet up the prospects for the merged company – in fact, Entercom stock lost 40% of its value and still hasn’t recovered – what the market knows that Entercom is not telling us.
  4. Major benefits cuts are coming to Entercom’s CBS employees – here’s how the law of unintended consequences may backfire.
  5. When does the honeymoon end – here’s what analysts say is Entercom’s put up or shut up date. 

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Liberty’s Takeover Plan for iHeart

  1. Liberty’s plans for iHeart if it succeeds in taking control of the company.
  2. Where Liberty-owned SiriusXM will fit into this possible merger.
  3. Which assets Liberty will likely sell.
  4. How eroding local radio ad sales will affect the prospects for iHeart under Liberty.
  5. New intel on how much of radio’s spend is now going to Facebook, Google and other digital options. 

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