3 Media Stocks in Focus: Sirius XM’s Big Buyback, Liberty Finishes Comcast Deal, Netflix’s Big Boost
Sirius XM Radio (NASDAQ:SIRI): Sirius’s stock is trading up after the company announced a share buyback program worth $2 billion; Sirius added that the cash on hand, future cash derived from operations, and potential borrowings will be used to fund the repurchases.
Liberty Media Corp (NASDAQ:LMCA): Liberty Media announced that it completed a transaction with a subsidiary of Comcast (NASDAQ:CMCSA) in which 6.3 million shares (5.2 percent of its outstanding float) of its common stock were repurchased. Liberty released its Leisure Arts unit, $417 million in cash, and its rights to a revenue-sharing agreement with CNBC.
Netflix Inc. (NASDAQ:NFLX): After shedding a few points from its shares over the past few days, shares of Netflix are pushing forward more than 6 percent after a bullish note from Needham, in which the firm initiated Netflix with a Buy rating and a $425 price target for the shares. Needham believes Netflix is the best way to play global broadband growth and that international markets will visibly drive growth for the next three to five years.
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