Investments in Technology and Content Should Support the SiriusXM Subscriber Base

Sirius XM Holdings consists of two businesses: SiriusXM and Pandora. SiriusXM transmits music, talk shows, sports, and news via its satellite radio network, primarily to consumers who pay a subscription fee, often tied to a vehicle. Its radios come preinstalled on a wide range of cars and trucks in the US. Most of the stations on the SiriusXM network are proprietary, differentiating the service from streaming music and terrestrial radio.