Sirius XM Earnings: Pandora Advertising Growth Now Justifying the Acquisition by Sirius

We are maintaining our $7.50 fair value estimate for Sirius XM. While the firm awaits the completion of the deal with Liberty Media, its heavily criticized acquisition of Pandora in 2019 is providing some return. The subscription and advertising sides of its audio broadcasting segment continued to decline during the fourth quarter, but with a bit less uncertainty regarding digital advertising and continuing shift of listener behavior toward streaming, Pandora posted growth.