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SiriusXM (SIRI) Acquires Cloud Cover Media, Boosts Offerings

Zacks Equity Research
·4 min read

SiriusXM SIRI recently announced that its operating subsidiary, SiriusXM Radio, acquired Cloud Cover Media.

Cloud Cover Media, offers Cloud Cover Music, a music for business service offering practical, uncomplicated products and solutions customized for businesses, helping them provide an ad-free soundtrack for their customers.

Per the agreement, Cloud Cover Music will be joining SiriusXM for Business and Pandora for Business in SiriusXM’s commercial music portfolio. Together, these services will be working on providing complementary and comprehensive offerings for businesses.

The acquisition of Cloud Cover Music is anticipated to boost SiriusXM’s commercial music portfolio, propelling it forward and contributing to its business growth.

Sirius XM Holdings Inc. Price and Consensus

Sirius XM Holdings Inc. price-consensus-chart | Sirius XM Holdings Inc. Quote

Acquisitions Expanding Product Offerings

SiriusXM has been riding on accretive acquisitions for the last few years. The company’s acquisition strategy has helped it immensely in expanding its product portfolio rapidly, thereby increasing its subscriber base.

Earlier in 2021, SiriusXM acquired Roman Mars’ company, 99% Invisible.

The acquisition brought Roman Mars and his team to SiriusXM where they will continue to operate their famous podcasts and also work on developing new podcast projects for SiriusXM.

Previously, SiriusXM had acquired Stitcher, adding to its portfolio the latter’s full-service platform for creators, publishers and advertisers.

The buyout helped SiriusXM to combine Stitcher’s programming and advertising networks with its existing suite of hosting and ad-technology tools.

The addition of Stitcher to its list of acquisitions helped SiriusXM to expand its pre-eminent position in digital audio advertising, create robust content and connect with a broader audience.

Alongside Pandora, Simplecast and AdsWhizz, these acquisitions strengthened SiriusXM’s position in podcasting, currently considered to be the fastest-growing sector in digital audio entertainment.

SiriusXM continues to bolster its content offerings by adding content from all genres, including news, sports, podcasts, music and politics to its platforms. Additionally, with the buyouts over the year, the company has bolstered its audio offerings, which has helped it expand its partner base.

In the third quarter of 2021, SiriusXM reported revenues of $1.66 billion, up 4% year over year. Subscriber and advertising revenues also grew, up 5% and 21% year over year, respectively.

Zacks Rank and Stocks to Consider

Currently, SiriusXM carries a Zacks Rank #3 (Hold).

The Zacks Consensus Estimate for SiriusXM's fiscal 2022 earnings has been unchanged at 79 cents per share over the past 60 days.

Shares of SIRI have declined 9.7% in the past year compared with the Zacks Broadcast Radio and Television industry’s plunge of 0.6% and the Consumer Discretionary sector’s decline of 12.2% in the past year.

Some better-ranked stocks from the Zacks Consumer Discretionary sector include BJ’s Wholesale Club BJ and Bluegreen Vacations BVH, each sporting a Zacks Rank #1 (Strong Buy), and Brunswick BC, carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

BJ’s Wholesale Club’s shares have increased 62.5% in the past year compared against the Zacks Consumer Services - Miscellaneous industry’s decline of 24.4% and the Consumer Discretionary sector’s decline of 12.3% in the past year.

The Zacks Consensus Estimate for BJ’s Wholesale Club’s 2022 earnings is pegged at $3.18 per share, which has improved 19 cents over the past 60 days.

Bluegreen Vacations’ shares have increased 158.8% in the past year compared with the Zacks Leisure and Recreation Services industry’s rise of 5.3% and in contrast to the Consumer Discretionary sector’s decline of 12.2% in the past year.

The Zacks Consensus Estimate for Bluegreen Vacations’ 2022 earnings is pegged at $2.81 per share, which has improved 11 cents over the past 60 days.

Brunswick’s shares have increased 14% in the past year compared against the Zacks Leisure and Recreation Products industry’s decline of 47.2% and the Consumer Discretionary sector’s decline of 12.3% in the past year.

The Zacks Consensus Estimate for Brunswick’s 2022 earnings is pegged at $9.21 per share, which has improved four cents over the past 60 days.


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Sirius XM Holdings Inc. (SIRI) : Free Stock Analysis Report

BJ's Wholesale Club Holdings, Inc. (BJ) : Free Stock Analysis Report

Brunswick Corporation (BC) : Free Stock Analysis Report

Bluegreen Vacations Holding Corporation (BVH) : Free Stock Analysis Report

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Zacks Investment Research