Satellite radio giant SiriusXM, home of Howard Stern, on Wednesday reported improved fourth-quarter financials as it continued to add subscribers.
SiriusXM added a net of 346,000 subscribers in the latest quarter, ending it with more than 34 million.
SiriusXM last year agreed to acquire music streaming service Pandora Media in an all-stock deal valued at about $3.5 billion that will create the world's largest audio entertainment company. Pandora shareholders approved the deal on Tuesday.
The company, led by CEO Jim Meyer and controlled by John Malone's Liberty Media, on Wednesday reported earnings of $251 million, or 6 cents per share, compared with a loss of $37 million, or 1 cent per share, in the year-ago period.
Adjusted earnings before interest, taxes, depreciation and amortization, another profitability metric, rose 6 percent to $576 million. Quarterly revenue increased 7 percent to $1.5 billion.
"SiriusXM had a strong finish to 2018, a year that saw our ninth consecutive year of one-million-plus net subscriber adds and our lowest full-year churn rate in the past decade," said Meyer. "We have set even more ambitious goals for the company to continue growing in 2019. In addition, we were pleased that yesterday Pandora's stockholders voted in favor of our proposed merger, and expect to close the transaction shortly."
The CEO also added about the deal: "Together, the SiriusXM and Pandora brands are uniquely positioned to lead a new era of audio entertainment by delivering the most compelling subscription and ad-supported audio experiences to millions of listeners — in the car, at home and on the go. I'm incredibly excited by the opportunity that sits in front of us to build a media company that will be competitive for decades to come."
This article was originally published by The Hollywood Reporter.