Bullish on satellite broadcasting services? Buffett continues to increase shareholding in SiriusXM, raising his stake to 32%!
What did Buffett value about this company?
Buffett increased his stake in the satellite broadcasting company SiriusXM, raising his shareholding to 32%.
Last week, Warren Buffett's Berkshire Hathaway company spent about $87 million in multiple trades to purchase approximately 3.6 million shares of SiriusXM stocks, increasing its shareholding percentage to 32%. Despite SiriusXM facing issues with user attrition and insufficient growth potential, Berkshire may have identified a merger arbitrage opportunity, hence choosing to continue investing. The news of the shareholding increase caused SiriusXM's stock price to surge over 9.3% intraday on Monday.
Express News | Buffett has been continuously buying shares of a broadcasting company.
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