Buffett Holding SiriusXM Gets Boost From New Howard Stern Contract: Will 'King Of All Media' Lift Stock Price?
SiriusXM Holdings (NASDAQ:SIRI) shareholders could have more reasons to smile ahead of the new year with news that Howard Stern has signed a new three-year contract. Among those who could be excited about the news and the potential for SiriusXM stock is Warren Buffett.
- Sirius XM Holdings stock is trading in a tight range. What’s the outlook for SIRI shares?
Stern Renews SiriusXM Deal
For the past few months, SiriusXM investors and listeners have been left wondering if Stern would renew his contract with the satellite radio company heading into 2026.
Stern announced his three-year contract renewal during "The Howard Stern Show" on Tuesday.
"I'm happy to announce that I've figured out a way to have it all: more free time and continuing to be on the radio. So, yes, we're coming back for three years," Stern said, as reported by SiriusXM.
Stern told co-host Robin Quivers that the new deal allows the self-proclaimed "King of All Media" to have a more flexible schedule.
"The Howard Stern Show" airs exclusively on SiriusXM with two dedicated channels (Channel 100, Channel 101), where new and classic shows currently air.
Stern first signed with Sirius back in 2004 with his first show airing in January 2006. The radio host has renewed contracts with the satellite radio company previously in 2010, 2015 and 2020.
Stern's show on Tuesday was his last new show of 2025, with a return date set for Jan. 5, 2026.
SiriusXM currently has 33 million paid subscribers, but has been losing subscribers in recent years as it competes with ad-supported music streaming outlets.
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Buffett's Big Bet
Buffett's Berkshire Hathaway Inc (NYSE:BRK)(NYSE:BRK) conglomerate has held a position in SiriusXM for years through its holding in Liberty Media stock and subsequent spinoffs. The conglomerate maintained its stake after spinoffs and has increased its position over the last year.
In the third quarter, Berkshire Hathaway increased its stake in SiriusXM Holdings by 4%, adding 5,030,425 shares. The position was 124,807,117 shares at the end of the third quarter, a stake valued at $2.9 billion.
While the position is only around 0.9% of the Berkshire Hathaway investment portfolio, it is a position that Buffett has added to in recent quarters and is a sizable bet on the satellite radio industry. Berkshire Hathaway owns around 37% of SiriusXM, according to CNBC.
The Stern renewal could end one of the overhang items on SiriusXM shares and boost the financial outlook and stock price going forward.
SiriusXM doesn't break out listener figures for Stern's show, but he carries a large and loyal audience. A 2020 report from Credit Suisse estimated that 2.7 million subscribers would cancel their SiriusXM subscriptions if Stern left, or around 15% of the company's total at the time.
Stern is likely a strong contributor to both subscription and advertising revenue for the company. Advertising revenue was a bright spot for the company in the third quarter, increasing to $455 million from $450 million in the prior year's third quarter. The company highlighted the scaling of its digital advertising business as a strength heading into 2026.
Had SiriusXM lost Stern, the company may have faced difficult decisions about other talent to invest in to retain existing subscribers and win over new ones.
SiriusXM Stock Price Action
SiriusXM stock is up 1.3% to $21.76 on Wednesday versus a 52-week trading range of $18.69 to $27.41. SiriusXM shares are down 1.5% year-to-date in 2025.
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