|Bid||6.19 x 0|
|Ask||6.23 x 0|
|Day's Range||6.18 - 6.18|
|52 Week Range||4.67 - 6.34|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- The U.S. Justice Department is readying a lawsuit against Live Nation Entertainment Inc. over alleged violations of conditions imposed on the company by regulators when it bought Ticketmaster nearly a decade ago, according to a person familiar with the matter.The department’s antitrust division approved the merger in 2010 after imposing a host of rules that that were intended to protect competition in live music promotion and ticketing.That agreement expires next year, and the division has been investigating complaints from industry players that it isn’t working as intended.The Justice Department and Live Nation declined to comment. Live Nation, the world’s largest promoter, fell as much as 8.2% to $34.74 after the Wall Street Journal reported on the department’s plans.Rising Ticket PricesThe government investigation comes as prices for music concerts are skyrocketing. The live-music industry surpassed $8 billion in revenue in 2017, and is on pace for another record in 2019. Live Nation touts its ability to charge higher prices.Fan Freedom, an advocacy group, applauded the pending suit, saying that Live Nation has “exercised almost complete control over the primary ticket-sales market and has developed restrictive policies and technologies that stifle competition in the secondary market.”“This level of control harms live music fans because it limits consumer choice when it comes to purchasing concert tickets,” Chris VanDeHoef, the group’s president, said in a statement. Largest Promoter Fan Freedom is backed by Ticketmaster rival StubHub Inc. and the National Consumer League, according to the group. Live Nation merger with Ticketmaster united the world’s largest concert promoter with the dominant ticket seller in North America. The Justice Department approved the deal a year later, but imposed limits on Live Nation, including a ban on retaliating against any concert site that signs a ticketing deal with a competitor to Ticketmaster. That curb expires next year. Industry executives have long complained in private about the power of Live Nation. Even with the federal consent decree, executives have argued venues would fear picking a rival to Ticketmaster because Live Nation would then direct its artists to competing venues.Liberty MediaLive Nation accounted for more than four times more ticket sales than any other promoter last year, according to Pollstar, an industry trade publication. Fans purchased 49.5 million tickets to Live Nation events, and 11.6 million tickets to events from AEG Presents.The reported Justice Department scrutiny coincides with plans by Live Nation’s largest shareholder, John Malone’s Liberty Media Corp., to increase its stake in IHeart Media Inc., the largest radio station owner. That would add to holdings that already include Sirius XM Holdings Inc. and Pandora Media, along with Live Nation and Ticketmaster.IHeart shares surged on a Journal report saying Malone was considering the move. But they pared their gains Friday after the Live Nation lawsuit came to light, a possible sign that an IHeart deal is now more of a long shot.(Updates with Fan Freedom description in eighth paragraph.)To contact the reporters on this story: David McLaughlin in Washington at email@example.com;Lucas Shaw in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, ;Sara Forden at firstname.lastname@example.org, Ros KrasnyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
SiriusXM announced today that it will be the exclusive radio broadcast platform for premier hip-hop festival, Rolling Loud, in Los Angeles, Miami, the Bay Area, and New York City. Each broadcast can be heard on SiriusXM's Hip Hop Nation (ch. 44), which will be rebranded as Rolling Loud Radio starting on Friday, December 13.
SiriusXM and Pandora today announced the lineup of emerging artists they predict will make it big in 2020. Selected by the combined company's music editorial, programming, and curation teams, the 24 artists spanning genres including country, rock, pop, hip hop, Latin, dance, and more.
Based on the fact that hedge funds have collectively under-performed the market for several years, it would be easy to assume that their stock picks simply aren't very good. However, our research shows this not to be the case. In fact, when it comes to their very top picks collectively, they show a strong ability […]
SiriusXM today announced a new creative partnership with U2 to launch U2X RADIO, which will include a dedicated SiriusXM channel and exclusive content available only to SiriusXM subscribers and Pandora listeners.
(Bloomberg Opinion) -- The meteoric rise and spectacular fall of WeWork is one for the ages.To sum up: The real-estate leasing startup, which incinerates money, was planning just two months ago to go public at a valuation that some thought would be as high as $47 billion. Once investors got a good look at its finances they couldn't stop laughing. The company instead needed a bailout from its biggest investor and now is valued, perhaps optimistically, at $8 billion.Maybe this episode marks the beginning of a sobering up of cash-burning growth companies with dismal unit economic. If that's the case, what will that process look like? Maybe the transformation of music-streaming service Pandora helps show how busted unicorns — closely held startups valued at $1 billion or more — can find new life. QuicktakeUnicornsWhen Pandora had its initial public offering in 2011, it was a tortoise-beats-the-hare success story, after it launched during the dot-com boom in 2000. It survived several near-death experiences, putting a damper on the cockiness and growth-at-all-costs mentality often seen in fast-growing startups. Rather than grant its chief executive officer super-voting shares and complete control, the CEO owned less than 3% of its stock after several rounds of capital injection that diluted his stake.One can't fault investors for enthusiasm during Pandora's first few years as a publicly traded company. Between the fiscal years ended in 2010 and 2013 it increased its active user base from 16 million to 65.6 million. Annual revenue rose from $55 million to $427 million, much of it driven by ad revenue. The company was still losing money, but it appeared to be manageable. The story was that over time it could convert users into paying monthly subscribers while negotiating better royalty rates on content, leading to margin expansion and profits down the road. When the stock peaked in early 2014, the company had a valuation of $9 billion, or roughly 10 times the $920 million in revenue it would go on to generate that year.That's when the downward spiral of slowing growth, increased competition and a falling stock price began. After more than doubling in 2014, revenue only grew by 26% in 2015. Spotify became the new darling for music streaming, and other companies such as Apple joined a never-ending parade of entrants into the market. Profit margins eroded along with the slowing revenue growth. Between its 2014 peak and the end of May 2017, Pandora's stock price fell by 78%.The following month was the beginning of the end of Pandora's life as an independent company after Sirius XM Holdings Inc. invested $480 million for a 19% stake. Pandora divested its share of Ticketfly, a noncore business, at a loss as it sought to preserve cash. In January 2018 it cut 5% of its headcount and moved other employees to Atlanta from Oakland, California, in a cost-saving move. Eight months later, Sirius bought the whole company for $3 billion in an all-stock deal that was worth about a third of the company's peak valuation.Sirius made a good marriage partner for Pandora investors for a few reasons. Pandora had tens of millions of active users, but unlike Sirius it had not been very successful at converting them into paying subscribers. By buying Pandora, Sirius now had access to a huge audience of music streamers who might become future subscribers. Pandora also had technology that was useful to Sirius, and the combined entity was able to eliminate duplicate positions.So far, it seems to be going as planned. In its second-quarter earnings report, Sirius said that Pandora's revenue increased by 15% while costs only grew by 4%, leading to 40% growth in gross profit. Although it wasn't successful as an independent company, Pandora still has 65 million monthly active users and is an increasingly profitable part of a $29 billion parent company.The lesson here is that when a startup grows quickly, investors often are willing to overlook all sorts of flaws as long as they buy into the long-term vision of a company, whether that's dominating commercial real-estate leasing or music streaming. But when growth slows and cash runs low those growth investors will abandon ship, forcing companies to pitch a value proposition to very different types of investors. Some companies might be able to become profitable in their own right, but for others it might mean seeking out a buyer. Pandora's salvation was having tens of millions of users and technology desired by a competitor. Investors who bought the stock in those heady days in 2014 were never made whole, but five years later the business still exists, albeit in a different form, continuing to provide a service that generates revenue.The high-profile reversal of fortune suffered by WeWork in the public eye over the past few months is leading people to wonder how many other potential disasters loom for closely held money-losing growth companies. But as Pandora shows, although valuations may not recover, that doesn't mean these companies are necessarily doomed.To contact the author of this story: Conor Sen at email@example.comTo contact the editor responsible for this story: James Greiff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Conor Sen is a Bloomberg Opinion columnist. He is a portfolio manager for New River Investments in Atlanta and has been a contributor to the Atlantic and Business Insider.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have been saying before the Q4 market crash that the stock market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the first […]
(Bloomberg Opinion) -- Revelations about Boris Johnson’s personal life, when they periodically emerge, have tended mainly to serve as tabloid fodder for a few days and then flame out. Two recent allegations, however, could prove much harder for the prime minister to simply swat away.The first emerged over a week ago when the Sunday Times published a story alleging that Johnson, during his time as Mayor of London, used his influence to help American former model and tech entrepreneur, Jennifer Arcuri, now 34, get access to government funds and coveted places on overseas trade missions.The Times stories and those that followed – including reports of frequent visits to Arcuri’s flat from the then-married mayor – would have been media catnip at any time. But it’s the allegation that his private life might have impaired Johnson’s judgment as a public official that gives it legs. They are now the subject of three separate investigations into whether the Mayor failed to declare a personal interest, including a police investigation referred by the Greater London Authority because as mayor, Johnson was in charge of policing and crime-fighting.Johnson has denied any impropriety in his official duties. In keeping with his policy, he has refused to comment on the nature of his past relationship with the entrepreneur.That doesn’t mean the stories will go away. In fact, they could become a major test of whether voters’ concern with Brexit overrides all else in the next general election. For many Conservative voters who have been inclined to support his Brexit policy, and especially for many women, the stories will be a reminder of a long-held, small-c conservative view that matters of personal morality and those of probity in public office are often not very far apart.Arcuri was clearly a force in London’s burgeoning tech scene at the time. Fresh out of business school, she set up a company called Innotech to run events for the tech sector. Johnson’s presence at the events, and hers on mayoral trade missions to Singapore, Malaysia and Tel Aviv, helped put Arcuri on the map in that world. A 2014 Business Insider story names her as one of the 25 top women in tech, along with Net-a-Porter founder Natalie Massenet and Martha Lane Fox of lastminute.com fame. “Thanks to her close ties with London mayor Boris Johnson, the shaggy-haired politician has repeatedly agreed to speak at the event, which also shows the government's interest in the east London tech cluster,” it wrote of Arcuri.That Johnson would grace those events raises eyebrows now, but it didn’t so much at the time. London’s now established tech sector was young and starving for funds and attention; government officials seemed keen to show their support.Arcuri is clearly someone who could gather the geeks and the hooded coder-dudes in a room, make them feel they had superpowers, and then go market those powers to politicians and companies that didn’t know their DDoS from their MitM attacks. She has evangelized for women in tech and tech education. Much of it was also photo-op fodder: Arcuri with Johnson, Arcuri in a selfie with Brexit czar Michael Gove, Arcuri in front of 10 Downing Street in two separate outfits, Arcuri giving a Ted talk. The Sunday Times report said that Innotech received two grants in 2013 totaling 11,500 pounds ($14,149) from a promotional organization that Johnson was responsible for as mayor. Arcuri reportedly received a 15,000-pound government grant, under the Sirius program designed to woo foreign entrepreneurs to build businesses in Britain.Earlier this year, Hacker House, which Arcuri set up with professional hacker Matthew Hickey to provide cyber-security training, received the first disbursement in a 100,000-pound award from the Department of Digital, Culture, Media and Sport, earmarked for U.K.-based companies to provide cybersecurity training and also “boost diversity” in the sector. The government has disbursed 47,000 pounds and frozen the rest pending the investigation. Hickey, who tweets as @hackerfantastic and is also Arcuri’s husband, has vigorously defended her and Hacker House against allegations that it won business improperly. Arcuri has said that all funding was in respect to her position as a legitimate businesswoman.As the Arcuri story was gaining momentum, the first day of the Tory Party conference in Manchester on Sunday was marred by revelations by Sunday Times journalist Charlotte Edwardes, that Johnson had squeezed her thigh, and that of another unnamed woman, at a boozy lunch when he was editor of the Spectator in 1999. Downing Street issued a statement that “the allegation is untrue,” an unusual move because Johnson doesn’t normally comment on such things. Edwardes tweeted in response: “If the prime minister doesn’t recollect the incident then clearly I have a better memory than he does.”Some around Johnson at the party conference showed clear discomfort about the whole thing. Health Secretary Matt Hancock said of Edwardes, “I know her and I know her to be trustworthy,” a sentiment echoed by former cabinet minister Amber Rudd. U.K. Chancellor of the Exchequer Sajid Javid came to Johnson’s defense, saying he has total trust in the prime minister.Together, the two sets of allegations may be harder to shake than any Johnson has faced in the past. Johnson’s ties to Arcuri will have to survive formal investigations, not just trial by media. If Johnson helped Hacker House understand what was required to successfully bid for government contracts, that is one thing; if he failed to declare a personal interest or intervened to see that contracts were awarded, that is entirely another.The second allegations are more complicated to adjudicate. While Johnson’s personal peccadilloes may be tolerated, Edwardes’s allegations, even if many will question the timing, go further than anything previously reported about the prime minister’s character. Former Defense Minister Michael Fallon had to resign over not dissimilar allegations under Theresa May. Her close adviser Damian Green was also forced to resign after being found to have made misleading statements about pornography on one of his parliamentary office computers.Johnson’s strategy seems to be to tar anyone who discusses such matters as being hell-bent on frustrating the U.K. from leaving the European Union on Oct. 31. Will his divided party toe that line? His cabinet is reportedly divided over his Brexit plans and leaks on Monday night suggest that the EU is so far not buying his proposals. It may still be that Brexit is so paramount for Conservative voters – or, if not, then at least keeping socialist Labour leader Jeremy Corbyn out of power is -- they trump everything else in the next election. Forces are coming together that could test that theory to the limit.To contact the author of this story: Therese Raphael at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Therese Raphael writes editorials on European politics and economics for Bloomberg Opinion. She was editorial page editor of the Wall Street Journal Europe.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
20 New US Fall Dates Added; KIDZ BOP Kids to Perform First-Ever Tours in Canada and UK Tickets Go On Sale in US and UK Beginning Friday, September 20; On Sale September 27 in Canada New KIDZ BOP Albums ...
NEW YORK, Sept. 9, 2019 /PRNewswire/ -- SiriusXM today announced that Jim Meyer, Chief Executive Officer, is expected to present at the Bank of America Merrill Lynch 2019 Media, Communications & Entertainment Conference on Wednesday, September 11, at approximately 2:15 pm ET. In addition, David Frear, Senior Executive Vice President and Chief Financial Officer, is scheduled to speak at the Goldman Sachs 28th Annual Communacopia Conference on Tuesday, September 17, at approximately 11:20 am ET. Sirius XM Holdings Inc. (SIRI) is the world's largest audio entertainment company, and the premier programmer and platform for subscription- and advertising-supported audio products.
NEW YORK, Sept. 9, 2019 /PRNewswire/ -- SiriusXM today announced the launch of its new Fish Mapping™ service. This new, comprehensive SiriusXM Marine package – designed to help saltwater anglers locate fish faster, as well as save time and fuel – is now available on the GXM 54 satellite weather and radio receiver from Garmin International, Inc. SiriusXM Marine's new Fish Mapping™ service is powered by Maxar Technologies, an innovator in Earth Intelligence and Space Infrastructure.
SiriusXM NFL Radio and NFL Films collaborate on "NFL 100 Greatest," hosted by James Brown Podcast to air nationwide on SiriusXM and Pandora Highlights SiriusXM's extensive coverage of NFL's 100th ...
Howard Stern's Los Angeles radio specials will inaugurate SiriusXM Hollywood's Official Opening for SiriusXM and Pandora on October 7th Wide ranging shows, specials and performances to precede Howard, ...
A discussion of the state of the possibly revived trucking market and interviews from the floor of the Great American Truck Show will highlight this weekend's edition of FreightWaves Radio on SiriusXM ...
NEW YORK, Aug. 21, 2019 /PRNewswire/ -- SiriusXM announced today that Billie Eilish will perform an exclusive concert for SiriusXM and Pandora listeners on Wednesday, September 18 at the Troubadour in Los Angeles. "SiriusXM listeners are some of my earliest supporters," said Eilish. "Billie and her co-songwriter/producer brother, FINNEAS [Finneas O'Connell] have created a truly unique sound and style that authentically connects with our SiriusXM subscribers," said Scott Greenstein, President and Chief Content Officer, SiriusXM.
The iPhone giant and satellite radio star are masters when it comes to premium music, but let's see which of the two monster stocks over the past 10 years can deliver in the years ahead.
The generation that grew up listening to SiriusXM in their parent's car gets its own SiriusXM streaming subscription package for $4 per month "Student Premier" Package features commercial-free ...
NEW YORK, Aug. 19, 2019 /PRNewswire/ -- SiriusXM announced today that Dave Matthews will perform an intimate invitation-only acoustic set for SiriusXM subscribers on Wednesday, September 11 at "The Garage" performance space in SiriusXM's newly expanded LA studios. Matthews will also participate in a Q&A session with a select group of subscribers.
NEW YORK, Aug. 12, 2019 /PRNewswire/ -- SiriusXM announced today that global superstar and 10-time GRAMMY winner Taylor Swift, will exclusively perform stripped down versions of songs from the most anticipated album of the year and participate in an intimate Q&A session with a select group of subscribers as part of a SiriusXM Town Hall special on Friday, August 23, the same day that her seventh studio album Lover is released worldwide.
NEW YORK, Aug. 6, 2019 /PRNewswire/ -- SiriusXM announced today that Jess Cagle, award-winning entertainment journalist and former editor of People and Entertainment Weekly, will host The Jess Cagle Show, exclusively on SiriusXM starting this fall.