Satellite radio giant SiriusXM, home of Howard Stern, on Wednesday reported a swing to a fourth-quarter loss on special charges as it continued to add subscribers.
SiriusXM, controlled by John Malone‘s Liberty Media, ended 2017 with 32.7 million subscribers after ending 2016 with more than 31.3 million. It added 569,000 subscribers in the fourth quarter and 1.39 million for all of 2017.
SiriusXM management, led by CEO Jim Meyer, previously said the company would launch a Stern video service down the line.
It also reported a fourth-quarter loss of $37 million, compared with earnings of $205 million in the year-ago period. The latest quarter included a $185 million charge “associated with the revaluation of the company’s deferred tax assets as a result of the Tax Cuts and Jobs Act.” The company also recorded a decrease of approximately $72 million in the fair value of its investment in Pandora.
Sirius’ quarterly adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $542 million, compared with $475 million.
“The fourth quarter capped a strong year for SiriusXM and was our best quarter for self-pay subscriber growth in five years,” Meyer said. “We exceeded all of our 2017 subscriber and financial guidance, even after increasing these targets during the year.”
This article was originally published by The Hollywood Reporter.