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SIRI

SiriusXM

$5.66

-0.03 (-0.53%)

12:23
12/15/17
12/15
12:23
12/15/17
12:23

CRB: SiriusXM required to pay royalty of 15.5% of gross revenues

According to a regulatory filing, on December 14, 2017, the Copyright Royalty Board, or CRB, of the Library of Congress issued its determination regarding the royalty rate payable by SiriusXM under the statutory license covering the performance of sound recordings over the company's satellite radio service, and the making of ephemeral copies in support of such performances, for the five-year period starting January 1, 2018 and ending on December 31, 2022. Under the terms of the CRB's decision, Sirius is required to pay a royalty of 15.5% of gross revenues, subject to exclusions and adjustments, for the five year period. The rate for 2017 was 11.0%. The rates and terms permit the company to reduce the payment due each month by the percentage of transmissions of recordings that are directly licensed from copyright owners and the percentage of transmissions that comprise recordings fixed before February 15, 1972, which recordings are not subject to the Copyright Act. The revenue subject to royalty includes subscription revenue from Sirius XM's U.S. satellite digital audio radio subscribers, and advertising revenue from channels other than those channels that make only incidental performances of sound recordings. The parties have fifteen days from the December 14, 2017 determination to move for rehearing. Once the CRB has considered any rehearing motions and responses to such motions, and provided the Register of Copyrights with sixty days to review the determination for any legal error, the Librarian of Congress will publish the final determination in the Federal Register. The parties will have thirty days from that publication to appeal the decision to the U.S. Court of Appeals for the District of Columbia Circuit. "We are in the process of studying and evaluating the rates and terms announced by the Copyright Royalty Board," Sirius said. "We also expect to evaluate changes in our pricing, including the amount of our U.S. Music Royalty Fee. We anticipate that the decision will result in an increase in our aggregate royalty expense on an annual basis beginning in 2018. We are not yet able to estimate the impact on our financial statements, although the additional royalty expense could be material."

SIRI SiriusXM
$5.66

-0.03 (-0.53%)

11/16/17
BMOC
11/16/17
UPGRADE
Target $7
BMOC
Outperform
Pandora upgraded to Outperform at BMO Capital on positive audio channel checks
As noted earlier, BMO Capital analyst Daniel Salmon upgraded Pandora to Outperform from Market Perform, saying that despite the lack of near-term catalysts, the market underappreciates longer-term factors. Specifically, Salmon notes recent positive channel checks on audio ads among industry execs, higher gross margins for growing non-music content, better than expected subscriber business, and a potential takeout by SiriusXM (SIRI). The analyst also lowers his price target on Pandora to $7 from $11, anticipating active users and total listener hours to remain under pressure in the near-term.
10/06/17
PIPR
10/06/17
NO CHANGE
Target $13
PIPR
Overweight
Piper sees 'meaningful upside' in Pandora Media shares
With fresh capital, new management and Liberty/SirusXM supervision Pandora Media is embarking on a new plan to improve the monetization of its 76M active listeners, Piper Jaffray analyst Stan Meyers tells investors in a research note. The analyst sees "meaningful upside" as Pandora "capitalizes" on its partnership with SiriusXM (SIRI), delivers higher monetization of its listenership and introduces non-music content. He keeps an Overweight rating on the shares with a $13 price target.
08/01/17
PIPR
08/01/17
NO CHANGE
Target $13
PIPR
Overweight
Pandora price target lowered to $13 from $18 at Piper Jaffray
Piper Jaffray analyst Stan Meyer lowered his price target for Pandora Media (P) to $13 following the company's Q2 results and keeps an Overweight rating on the shares. Pandora reversed course with the investment SiriusXM (SIRI) by de-emphasizing its on-demand platform and reverting focus to its ad-supported service, Meyer tells investors in a research note. He sees "material upside" from current share levels with management committed to improving margins of its core business.
06/26/17
06/26/17
NO CHANGE
Target $11

Outperform
Pandora added to Alpha Generator list at FBR Capital
FBR Capital analyst Barton Crockett added Pandora Media to his firm's Alpha Generator list and keeps an Outperform rating on the shares with an $11 price target. The analyst sees a favorable setup for the shares with SiriusXM (SIRI) gaining three board seats. New management improves Pandora's ad-based opportunity while cost cutting potential limits downside risks, Crockett tells investors in a research note.

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Spectrum Brands

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$45.45

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$217.50

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Amazon.com

$1,295.00

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MDXG

MiMedx

$14.09

0.15 (1.08%)

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JNPR

Juniper

$28.15

-0.52 (-1.81%)

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ERIC

Ericsson

$7.34

0.4 (5.76%)

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BCE

$46.36

-0.1301 (-0.28%)

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Ericsson

$7.34

0.4 (5.76%)

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BCE

$46.36

-0.1301 (-0.28%)

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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AMZN

Amazon.com

$1,295.00

-9.86 (-0.76%)

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TLT

iShares 20+ Year Treasury Bond Fund

$124.87

-0.17 (-0.14%)

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LGF.A

Lionsgate

$33.69

1.41 (4.37%)

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LGF.A

Lionsgate

$33.69

1.41 (4.37%)

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0.83 (1.41%)

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$59.79

0.75 (1.27%)

VIA

Viacom

$37.85

0.95 (2.57%)

VIAB

Viacom

$31.96

0.58 (1.85%)

AMZN

Amazon.com

$1,295.00

-9.86 (-0.76%)

VZ

Verizon

$52.68

0.955 (1.85%)

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ADM

Archer Daniels

$40.66

-0.25 (-0.61%)

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TIVO

TiVo

$14.50

0.1 (0.69%)

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Alphabet

$1,131.98

10.22 (0.91%)

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TiVo

$14.50

0.1 (0.69%)

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10.22 (0.91%)

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Alphabet Class A

$1,139.10

8.4 (0.74%)

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TEVA

Teva

$20.63

-0.85 (-3.96%)

, MYL

Mylan

$46.78

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Teva

$20.63

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Mylan

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ENDP

Endo

$7.69

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NVS

Novartis

$86.53

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CMTL

Comtech

$21.69

0.29 (1.36%)

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MARA

Marathon Patent Group

$3.47

-0.12 (-3.34%)

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Marathon Patent calls active as shares rally »

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U.S. corporate bond…

ONCS

OncoSec

$1.85

0.02 (1.09%)

09:58
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AES

AES Corp.

$11.61

0.89 (8.30%)

, WYN

Wyndham

$123.46

6.33 (5.40%)

09:55
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Options
Early notable gainers among liquid option names on January 18th »

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AES

AES Corp.

$11.61

0.89 (8.30%)

WYN

Wyndham

$123.46

6.33 (5.40%)

MTB

M&T Bank

$186.65

7.435 (4.15%)

PPG

PPG

$119.61

5.11 (4.46%)

RL

Ralph Lauren

$109.34

3.285 (3.10%)

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