SiriusXM (SIRI) shares soared nearly 9% on Monday following news that Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) boosted its stake in the satellite radio company. According to a Securities and Exchange Commission filing, Berkshire Hathaway purchased 3.6 million shares, valued at approximately $97 million, between Wednesday and Friday. This acquisition brings Berkshire’s ownership to nearly one-third of SiriusXM.
Despite Monday’s rally, SiriusXM shares remain down about 50% for the year. The company recently made waves by securing a multi-year deal with Alex Cooper, host of the popular “Call Her Daddy” podcast, which will move to SiriusXM in 2025. The agreement, reportedly worth $125 million over three years, is double her current deal with Spotify (SPOT).
This move is part of SiriusXM’s broader strategy to enhance its exclusive content, with new programming expected to debut in 2025.