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SiriusXM Holdings Inc. (SIRI) stock rose in Monday's premarket trading following reports that the satellite radio company plans to name former Tubi CEO Anjali Sud as its next chief executive.
SiriusXM plans to appoint Sud, who joined its board on March 31, 2025, as CEO, Bloomberg reported Monday, citing people familiar with the matter.
Current CEO Jennifer Witz is expected to step down when her contract expires at the end of 2026.
Sud most recently led Tubi, the streaming platform owned by Fox Corp. (FOX).
Under her leadership, Tubi grew to more than 110 million monthly active users, expanded internationally and surpassed $1 billion in annual revenue.
Previously, Sud served as CEO of Vimeo from 2017 to 2023. She took the company public and helped transform it into a profitable global video platform with 300 million users.
She also held positions at Amazon and Time Warner.
The reported leadership change follows SiriusXM's third-quarter results.
The company reported adjusted earnings of 78 cents per share, beating Wall Street's estimate of 77 cents.
Revenue slipped to $2.153 billion from $2.159 billion a year earlier. It also missed analysts' estimate of $2.159 billion.
Subscriber revenue remained steady at $1.63 billion, while advertising revenue held at $456 million.
SiriusXM added 5,000 paid subscribers during the quarter, bringing its total to approximately 33 million. Monthly subscriber churn stood at 1.5%.
The company expects challenging self-pay subscriber trends in the fourth quarter. However, it continues to focus on improving customer engagement and retention.
SiriusXM raised its full-year revenue forecast to $8.55 billion from $8.525 billion. The revised outlook remains below Wall Street's estimate of $8.627 billion.
Meanwhile, Berkshire Hathaway Inc. (BRK.A) increased its SiriusXM holdings, according to a Nov. 4 SEC filing.
Berkshire purchased 924,281 shares between Oct. 30 and Nov. 3 for approximately $27 million. The purchases averaged nearly $29.10 per share.
The transactions increased Berkshire's reported holdings to approximately 125.73 million shares, representing more than 37% of SiriusXM's outstanding stock.
SIRI Price Action: Sirius XM Holdings shares were up 1.02% at $32.72 during premarket trading on Monday. The stock is approaching its 52-week high of $33.76, according to market data.
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