Audio entertainment giant SiriusXM, the home of Howard Stern, said on Tuesday that it added 279,000 subscribers in its satellite radio unit during the fourth quarter and lost 63,000 in its Pandora business, an improvement over a year-ago loss of 88,000.
As previously signaled, the firm also recorded a nearly $1 billion non-cash impairment charge for its Pandora music streaming service, due mainly to the impact of per-play royalty payment costs.
The charge amounted to $976 million. "The uncertainty we have this year and the potential for higher royalty costs will likely drive lower margins and have a meaningful impact on Pandora's profitability over the coming years and this drives the bulk of the expected impairment," Jennifer Witz, who.
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