Self-proclaimed “King of All Media” Howard Stern had his fun Monday morning by pranking listeners and the media with a joke that he was leaving his SiriusXM SIRI show for good, as his contract renewals have been a trending topic.
Stern is back on the radio and sounds optimistic about a contract renewal, which could be good news for Warren Buffett.
What Happened: Following the release of disappointing financial results, which showed declining subscriber and advertising revenue, SiriusXM has investors on edge for the next big catalyst.
One of the company’s key exclusive deals is set to expire at the end of 2025.
Reports of Stern being fired have surfaced, alongside reports that contract renewals are underway. Stern decided to have some fun with the media and listeners on Monday morning with Andy Cohen pretending to take over his channel on SiriusXM, as reported by Variety.
Stern later joined the show and tried to clear things up. “I’m very happy at Sirius,” he said.
The media personality told listeners that he was thinking of retiring, but felt it was not fair to now with the media reporting his show had been cancelled. Stern said that the reports from the “fake news” have led to interest in his show from other companies.
Stern did not mention the renewal of his contract on Monday, which means the show is still set to end later this year if a renewal is not reached.
“What pisses me off is now I can’t leave,” Stern said. “I’ve been thinking about retiring, now I can’t.”
While he didn’t announce a renewal, Monday’s comments from Stern suggest he plans on returning and is happy with SiriusXM, which could be good news for the company.
Read Also: Sirius XM Stock Sinks After Q2 Miss—Subscriber Losses And Weak Ad Sales Weigh On Results
Why It’s Important: Stern has been with Sirius since 2004, even prior to the company’s merger with XM to create a leader in the satellite radio space. Before joining Sirius, Stern often faced fines and pushback for his show on traditional radio that sometimes pushed the limits of censorship.
Stern has signed multiple deals with SiriusXM over the years, including a five-year $500 million deal signed in 2004. That deal included stock in the company.
While the company doesn’t break out listener figures for Stern’s show, 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.
An exit of subscribers could be bad news for SiriusXM shareholders, including Warren Buffett and his Berkshire Hathaway Inc BRK BRK conglomerate.
Berkshire owns around $3 billion in SiriusXM with 124,807,117 shares. This represents around 37% ownership of the satellite radio company, while the stake makes up around 1% of the Berkshire Hathaway investment portfolio.
In its recent second quarter, SiriusXM reported 31.28 self-paying subscribers, down 209,000 year-over-year. The company also reported lower revenue from subscribers and advertisers, with average revenue per user also declining on a year-over-year basis.
Buffett has been loading up on SiriusXM shares in recent years. If SiriusXM loses Stern after 2025, it could be forced to quickly spend on other talent to keep existing subscribers and win over new subscribers.
SIRI Price Action: SiriusXM stock is up 0.2% to $24.11 on Monday, versus a 52-week trading range of $18.69 to $29.18. Shares fell 2% in pre-market trading after news of the prank surfaced and it looked like Stern had walked away from his show. The stock is up 9.1% year-to-date in 2025.
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