SiriusXM today announced its third quarter 2020 results, including revenue of $2.025 billion, up one percent compared to a year ago. Net income increased 11 percent to $272 million in the third quarter from $246 million a year prior.
“SiriusXM maintains strong momentum heading into year end, and we are increasing all of our full-year subscriber and financial guidance today. Our talented people and our powerful business model have delivered stellar results during a challenging year for our company and country,” said SiriusXM CEO Jim Meyer.
“Our commitment to having the best possible audio content from top talent, as well as leading media and sports brands, has never wavered. First, we are making significant progress in extending our relationship with Howard Stern. We reached a new agreement with Kevin Hart for more content, with LeBron James and Maverick Carter we launched UNINTERRUPTED Radio from the NBA bubble on Pandora, and we debuted our fulltime channel with the members of U2 on SiriusXM. Pat McAfee joined our sports lineup, and we returned to live sports across the MLB, NBA and NFL. And we brought our listeners special moments like the recent interview between Paul McCartney and Alec Baldwin honoring John Lennon‘s 80th birthday on The Beatles Channel,” added Meyer.
As previously announced, Meyer will retire as SiriusXM CEO on December 31, 2020 and become Vice Chairman of SiriusXM’s Board of Directors. Jennifer Witz, the Company’s President, Sales, Marketing and Operations, is slated to become CEO on January 1, 2021. Sean S. Sullivan has been appointed Chief Financial Officer and is starting in his new position on October 26.
“This will be my last earnings period as SiriusXM’s CEO, and the numbers we are reporting today reflect the incredible progress our team has made during my tenure. It has been an honor to lead SiriusXM for the past eight years, and I’m thrilled to be passing the baton at year end to a leader as capable as Jennifer Witz,” Meyer said.
