Sirius Forecasts Slower Subscriber Growth in 2019

   By Patrick Thomas 
 

Sirius XM Holdings Inc. (SIRI) on Tuesday guided for slower subscriber growth in 2019, despite beating its 2018 forecast by 40%.

Sirius had more than 28.9 million self-pay subscribers for its satellite radio service at the end of 2018, up 1.4 million from the year earlier. Self-pay subscribers pay for the service themselves as opposed to getting it through a promotional deal.

The company had guided for approximately 1 million new self-pay subscribers in 2018. For 2019, the company forecasts additions "approaching 1 million."

It also is expecting $6.1 billion in revenue for 2019.

Sirius also said it expects to meet or exceed its 2018 revenue guidance of $5.72 billion. It is set to report fourth-quarter earnings on Jan. 30.

The company's 2019 guidance doesn't include its $3 billion acquisition of Pandora Media Inc. (P), which it announced in September. That deal is expected to close later this month, shortly after its stockholder meeting.

"We are quickly moving to implement exciting ways the two businesses can work together," Jim Meyer, Sirius's chief executive, said in a statement.

Shares of Sirius fell 1.1% in after-hours trading.

Write to Patrick Thomas at [e-mail]

(END) Dow Jones Newswires

January 08, 2019 17:47 ET (22:47 GMT)

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