Sirius XM Rises 2.7% on Buffett's Bet as Business Revamp Gains Traction

Warren Buffett’s Berkshire Hathaway Inc. continues adding to his stake in satellite-radio broadcaster Sirius XM Holdings Inc.

U.S.-listed shares of the company rose 2.7% in premarket trading.

The conglomerate acquired $60.7 million of shares over three days through Thursday, according to a regulatory filing. It now owns 33.2% of the outstanding shares of Sirius XM, which also owns the Pandora music-streaming platform.

Berkshire became Sirius XM’s biggest investor last month as John Malone’s Liberty Media split off its 83% stake and combined it with a separate tracking stock in the broadcaster, of which Berkshire had been the largest holder.

On the earnings call, Sirius XM executives outlined strategies to boost subscriber acquisition and retention through improved pricing and packaging, enhanced personalization, and investments in areas like podcasting and new platforms. The company aims to leverage data and technology to offer more targeted ad solutions as well, offsetting headwinds from new competition and shifts in ad budgets toward performance marketing.