SiriusXM investors experienced an unexpected Thursday as share prices of the satellite radio company surged by more than a third in trading, reaching their highest point since February 2020.
The sudden and significant increase in share prices occurred without any apparent news driving the market activity, leading to Nasdaq’s automatic volatility triggers to pause trading temporarily. However, even after the pause was lifted, the gains continued, resulting in several additional halts in trading.
By the end of the trading day, SiriusXM’s stock price soared by 42% to reach $7.81 per share. Notably, the trading volume during this period reached an impressive 123 million, significantly higher than the average volume of 17.3 million recorded in the past ten days. Despite the remarkable surge during regular trading hours, the stock’s performance showed a declining trend in after-hours trading.
The reasons behind the sudden and sharp rise in SiriusXM’s share prices remain unclear. According to reports from Barrons, some investors might have shorted the stock, contributing to the upward push in its price.
As of now, there is no official news or announcements from the company that could explain the surge. SiriusXM is expected to report its second-quarter earnings on August 1, which may shed some light on the recent market activity.
Maddy Troy serves as a writer and editor for Barrett News Media, with a specific focus on media business, advertising, and podcasting. You can find her on Twitter @Troy_Maddy.
iHeartMedia Adds David Pigue and Sophia Gonzalez to Government Affairs Staff
Pigue had previously worked for Sen. Dan Sullivan (R-AK) on various policy issues. Gonzalez comes to the company after serving as the Assistant to the Chief of Staff for Sen. Jon Ossoff (D-GA).
iHeartMedia has added David Pigue as Senior Director of Policy Counsel and Sophia Gonzalez has been named Sophia Gonzalez as Manager of Government Affairs.
Pigue had previously worked for Sen. Dan Sullivan (R-AK) on various policy issues. Meanwhile, Gonzalez comes to the company after serving as the Assistant to the Chief of Staff for Sen. Jon Ossoff (D-GA).
Additionally, the Washington D.C.-based division promoted Jessica Marventano (Executive Vice President) and Sara Morris (Vice President of Government Affairs) at the company, as well.
“David and Sophia together bring a wealth of experience in areas of key importance to iHeartMedia that will be of tremendous value to iHeart’s work in Washington on behalf of our more than 860 local radio stations as well as the company’s industry-leading digital and podcasting platforms,” Marventano said, according to Inside Radio.
“Our company is deeply appreciative of iHeartMedia’s Government Affairs team and their hard work on behalf of our company as well as on issues of critical importance to the broadcast radio industry,” added Chairman/CEO Bob Pittman. “I congratulate Jessica and Sara on their promotions, and welcome David and Sophia to the iHeart team.”
Warner Bros. Discovery Sees 14% Drop in Ad Revenue in Q4
“This business is not without its challenges.”
Warner Bros. Discovery hosted its fourth-quarter earnings call Friday, and while the company reported hundreds of millions in losses, it was trying to view that as a positive.
The company reported a loss of $400 million, which is down sharply from the loss of $2.1 billion it experienced in the same time frame in 2022.
Additionally, Warner Bros. Discovery — the parent company of CNN — saw a 14% decline in advertising revenue during the final three months of 2023.
“This business is not without its challenges,” Chief Executive Officer David Zaslav said during the company’s fourth-quarter earnings conference call, according to CNBC. “Among them, we continue to face the impacts of ongoing disruption in the pay TV ecosystem and a dislocated, linear advertising ecosystem. We are challenging our leaders to find innovative solutions.”
The comapny did report an 86% increase in free cash flow, which now sits at $6.16 billion.
Jeremy Boreing: Every Outlet ‘Suffering From Facebook’s Massive Shift Away From News’
“Mark Zuckerberg remade the news landscape when he moved his company into the space, and then gutted it when he moved out.”
In recent years, Facebook has shifted its focus away from a news and link-sharing platform to become more focused on social interactions between users. That shift has been detrimental to news publishers, according to The Daily Wire co-founder Jeremy Boreing.
In a statement to Mediaite, the digital media executive wasn’t shy about his stance that the shift from Facebook has been detrimental not only to his organization but to the industry as a whole.
“Everyone is suffering from Facebook’s massive shift away from news. Mark Zuckerberg remade the news landscape when he moved his company into the space, and then gutted it when he moved out,” Boreing said. “A capricious trillion dollar company can crush entire industries without much effort. Daily Wire is disproportionately impacted because we were built with a focus on Facebook. Now, our focus has shifted to more premium content.”
The comments from Jeremy Boreing coincide with a report that conservative digital outlets have seen a dramatic drop in viewership, especially compared to figures seen in 2020. One outlet — Breitbart — has seen a drop in traffic of 87% compared to the tumultuous 2020 year that included the start and heights of the COVID-19 pandemic, as well as a contentious presidential election between Donald Trump and Joe Biden.