Market News

SiriusXM Bags Contract to Expand Reach of Crooked Media’s Lineup of Podcasts

SiriusXM (SIRI) has entered into a multiyear, multiplatform agreement with Crooked Media to include some of the latter’s top-ranked podcasts in its network through the 2024 election cycle and beyond.

SiriusXM provides subscription-based satellite radio services, while Crooked Media is an independent progressive media company credited with some of the most popular and critically acclaimed podcasts in the U.S. and abroad.

With this deal, SiriusXM’s advertising sales unit, SXM Media, will have exclusive global ad sales rights to Crooked Media’s extensive lineup of podcasts, starting in May. Further, it will gain sales and sponsorship rights to digital video, social media, and live events produced by Crooked Media.

SiriusXM aims to provide an even bigger reach to Crooked Media’s podcasts through its multi-platform scale. The audio and video content will be distributed on its radio platform and the SXM App.

Executive Comments

In a joint statement, Crooked Media’s Co-Founders, Jon Favreau, Jon Lovett and Tommy Vietor, said, “This deal allows Crooked to invest in more shows, expand our creative network and reach more listeners while remaining a fully independent company, which has been crucial to our ability to make great shows and mobilize a growing, engaged community.”

“We are thrilled to collaborate with Crooked Media and will use our platforms to help them grow their audience as well as drive value to our SiriusXM subscribers,” said, Scott Greenstein, the President and Chief Content Officer of SiriusXM.

Earnings Forecast

The company’s EPS for the first quarter of 2022 is estimated to reach $0.08 per share. SiriusXM stock earnings beat estimates in all the quarters of 2020 and three quarters of 2021. Given the impressive earnings history, it will likely beat estimates again in the first quarter.

Overall, the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on four Buys, one Hold and one Sell.

Website Traffic

TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into SIRI’s performance.

According to the tool, the SiriusXM website recorded a 10.4% monthly decline in global visits in February, compared to the previous year. Likewise, the footfall on the company’s website has declined 10.9% year-to-date against the same period last year.

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