Sirius XM Board Approves Addl $2 Bln Of Stock Repurchase
(RTTNews.com) - Sirius XM Holdings Inc. ( SIRI ) announced that its board has approved an additional $2 billion of common stock repurchases, taking the Company's total authorization to $14 billion since the inception of the program in early 2013. The company noted that it will fund the repurchases through cash on hand, future cash flow from operations and future borrowings.
SiriusXM announced that its Board declared a regular quarterly cash dividend of $0.0121 per share of common stock, payable in cash on February 28, 2019 to stockholders of record at the close of business on February 11, 2019.
Separately, Pandora Media Inc. ( P ) announced that at a special meeting held earlier stockholders of Pandora approved the acquisition of Pandora by Sirius XM Holdings.
At the special meeting of Pandora stockholders, holders of approximately 75% of the outstanding voting power of Pandora voting securities were voted, with approximately 97% of the votes cast in favor of the transaction.
The transaction is expected to close shortly, subject to customary closing conditions. Assuming completion of the transaction, shares of Pandora common stock are expected to be delisted from trading on the New York Stock Exchange. As a result of the transaction, among other things, each share of Pandora common stock will be converted into 1.44 newly issued shares of Sirius XM common stock. Sirius XM common stock will continue to trade under the existing ticker symbol "SIRI" on The Nasdaq Global Select Market.
As of the transaction close, Roger Lynch, Chief Executive Officer of Pandora, will be stepping down from his role and exiting the company. Jim Meyer, Chief Executive Officer of Sirius XM, will lead Pandora and Sirius XM as a combined company. Steve Bene, General Counsel of Pandora; Naveen Chopra, Chief Financial Officer of Pandora; and Kristen Robinson, Chief Human Resources Officer of Pandora, also will be exiting the company following the transaction closing.
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