3 Media Stocks in Focus: Sirius Breaks Records, CBS Feuds with Time Warner, and Comcast and Company Keep Hulu
SiriusXM Radio (NASDAQ:SIRI) broke its own record for revenue this quarter, reaching $940 million, or 12 percent more than last year’s second quarter total. Income before taxes rose to $202 million in the second quarter, a 47 percent gain from the same period last year. The largest quarterly gain in subscribers since 2007 has Sirius with now over 25 million total users. Free cash flow was also at $237 million, an all-time second quarter high for the company.
CBS (NYSE:CBS): CBS and Time Warner Cable (NYSE:TWC) have furthered the deadline — again — to reach an agreement in their spat over carriage fees. Time Warner maintains that CBS is demanding unreasonable rates for its programming, high above the market value. A falling through of the negotiations could see a blackout of programming in New York, Los Angeles, and Dallas, and other markets. The service will be maintained through Monday under the new extension.
Comcast (NASDAQ:CMCSA): Comcast and other owners of Hulu ended talks with Time Warner over the cable giant’s intention of grabbing a 25 percent stake in the video streaming website. Instead of selling the company, the owners plan to spend $750 million of their own cash to purchase more content for the site.