Why Sirius XM Stock Surged in October
Shares of Sirius XM Holdings (NASDAQ: SIRI) rose 12.7% in October 2024, according to data from S&P Global Market Intelligence. The embattled satellite radio giant reported earnings near the end of the month, but that wasn't the needle-moving event. Instead, the stock gained more than 18% in the first two weeks of last month thanks to the completion of a corporate reorganization.
This wasn't exactly fresh news. Liberty Media built a dominating 83% ownership stake in Sirius over the years, starting with a financial rescue mission in 2009. Sirius and Liberty announced their intention to restructure the company's ownership in September 2023, and that plan was executed in several steps over the summer and early fall of 2024.
The final John Hancock was written on Oct. 9, completing the company's separation from Liberty Media. Owners of the former Liberty/Sirius tracking stock now hold the vast majority of ownership in the revamped Sirius XM company.
Source Fool.com
