NEW YORK, Jan. 13, 2022 /PRNewswire/ -- SiriusXM
Holdings Inc. (NASDAQ: SIRI) announced today that its subsidiary,
Sirius XM Radio Inc., has acquired Cloud Cover Media, Inc.
Cloud Cover Media offers Cloud Cover Music, a music for business
service, and employs business management, music programming,
licensing, and software development teams. Cloud Cover
Music's easy-to-use solutions and robust tech platform allow
businesses to deliver music, with customized audio messaging if
desired, to create the desired atmosphere for their prospects,
customers, and clients.
Cloud Cover Music's combination of an intuitive online platform
and experienced large enterprise account team offers organizations
of any size in any industry a robust selection of ad-free music for
their business with full control over what their customers and
employees will hear. Cloud Cover Music's self-service
solutions and dedicated staff offer a wide range of features and
options that can be tailored for each business' needs. Cloud
Cover Music provides the soundtrack for a wide variety of
commercial locations across the United
States and Canada.
Cloud Cover Music joins SiriusXM Music for Business and Pandora
for Business in SiriusXM's commercial music portfolio.
Together these services provide comprehensive and
complementary offerings for businesses of all sizes.
The Cloud Cover Music team will continue to be led by Vice
President and General Manager Mark
Lehman.
"We are thrilled to become part of the SiriusXM family," stated
Lehman. "As one of the fastest growing music for business
services, we're proud of the track record that Cloud Cover Music
has achieved with our tens of thousands of customers. We're
excited to have the brand recognition and strength of SiriusXM and
Pandora behind us as we continue to focus on delivering the best
music and messaging products for businesses."
"Cloud Cover Music has built an advanced tech platform with a
host of features that are very attractive to businesses who want an
easy-to-install solution, want to be fully covered on licensing,
and also want to be able to create a tailored soundtrack for their
business," said Joe Verbrugge,
Executive Vice President, SiriusXM. "SiriusXM and Pandora
have always offered a unique blend of great content and great
technology. The addition of Cloud Cover Music to our commercial
music portfolio is expected to help propel us forward and
contribute to the growth of our business."
SiriusXM was represented by Weil, Gotshal & Manges LLP as
counsel. Alkali Partners served as exclusive financial
advisor to Cloud Cover Media, and David
Wohlberg and Ekong Udoekwere represented the company as
counsel.
About Cloud Cover Music
Drawing from a team of business management, music programming,
licensing, and software development experts, Cloud Cover Music has
developed tech savvy music solutions that allow organizations to
seamlessly marry music, branded messaging, and copyright
compliance. Clients ranging from Fortune 500 companies to
respected non-profit organizations rely on Cloud Cover Music's
copyright compliant music solutions. For more information
visit cloudcovermusic.com
About SiriusXM
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio
entertainment company in North
America, and the premier programmer and platform for
subscription and digital advertising-supported audio products.
SiriusXM's platforms collectively reach approximately 150 million
listeners, the largest digital audio audience across paid and free
tiers in North America, and
deliver music, sports, talk, news, comedy, entertainment and
podcasts. Pandora, a subsidiary of SiriusXM, is the largest
ad-supported audio entertainment streaming service in the U.S.
SiriusXM's subsidiaries Stitcher, Simplecast and AdsWizz
make it a leader in podcast hosting, production, distribution,
analytics and monetization. The Company's advertising sales
organization, which operates as SXM Media, leverages its scale,
cross-platform sales organization and ad tech capabilities to
deliver results for audio creators and advertisers. SiriusXM,
through Sirius XM Canada Holdings, Inc., also offers satellite
radio and audio entertainment in Canada. In addition to its audio entertainment
businesses, SiriusXM offers connected vehicle services to
automakers. For more about SiriusXM, please go
to: www.siriusxm.com.
This communication contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning. Such
forward-looking statements are based upon the current beliefs and
expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results and the timing of events may
differ materially from the results anticipated in these
forward-looking statements.
The following factors, among others, could cause actual
results and the timing of events to differ materially from the
anticipated results or other expectations expressed in the
forward-looking statements: we face substantial
competition and that competition is likely to increase over time;
our efforts to attract and retain subscribers and listeners, or
convert listeners into subscribers, which may not be successful,
and may adversely affect our business; we engage in extensive
marketing efforts and the continued effectiveness of those efforts
is an important part of our business; we rely on third parties for
the operation of our business, and the failure of third parties to
perform could adversely affect our business; we may not realize the
benefits of acquisitions and other strategic investments and
initiatives; a substantial number of our Sirius XM subscribers
periodically cancel their subscriptions and we cannot predict how
successful we will be at retaining customers; our ability to
profitably attract and retain subscribers to our Sirius XM service
as our marketing efforts reach more price-sensitive consumers is
uncertain; our business depends in large part on the auto industry;
vehicle production and sales are dependent on may factors,
including the availability of consumer credit, general economic
conditions, consumer confidence, fuel costs and component supply
shortages; the impact of COVID-19, including its variant strains,
on our business; failure of our satellite would significantly
damage our business; our Sirius XM service may experience harmful
interference from wireless operations; our Pandora ad-supported
business has suffered a substantial and consistent loss of monthly
active users, which may adversely affect our Pandora business; our
failure to convince advertisers of the benefits of our Pandora
ad-supported service could harm our business; if we are unable to
maintain revenue growth from our advertising products, particularly
in mobile advertising, our results of operations will be adversely
affected; changes in mobile operating systems and browsers may
hinder our ability to sell advertising and market our services; if
we fail to accurately predict and play music, comedy or other
content that our Pandora listeners enjoy, we may fail to retain
existing and attract new listeners; privacy and data security laws
and regulations may hinder our ability to market our services, sell
advertising and impose legal liabilities; consumer protection laws
and our failure to comply with them could damage our business;
failure to comply with FCC requirements could damage our business;
if we fail to protect the security of personal information about
our customers, we could be subject to costly government enforcement
actions and private litigation and our reputation could suffer;
interruption or failure of our information technology and
communications systems could impair the delivery of our service and
harm our business; the market for music rights is changing and is
subject to significant uncertainties; our Pandora services depend
upon maintaining complex licenses with copyright owners, and these
licenses contain onerous terms; the rates we must pay for
"mechanical rights" to use musical works on our Pandora service
have increased substantially and these new rates may adversely
affect our business; our use of pre-1972 sound recordings on our
Pandora service could result in additional costs; failure to
protect our intellectual property or actions by third parties to
enforce their intellectual property rights could substantially harm
our business and operating results; some of our services and
technologies may use "open source" software, which may restrict how
we use or distribute our services or require that we release the
source code subject to those licenses; rapid technological and
industry changes and new entrants could adversely impact our
services; we have a significant amount of indebtedness, and our
debt contains certain covenants that restrict our operations; we
are a "controlled company" within the meaning of the NASDAQ listing
rules and, as a result, qualify for, and rely on, exemptions from
certain corporate governance requirements; while we currently pay a
quarterly cash dividend to holders of our common stock, we may
change our dividend policy at any time; and our principal
stockholder has significant influence, including over actions
requiring stockholder approval, and its interests may differ from
the interests of other holders of our common stock; if we are
unable to attract and retain qualified personnel, our business
could be harmed; our facilities could be damaged by natural
catastrophes or terrorist activities; the unfavorable outcome of
pending or future litigation could have an adverse impact on our
operations and financial condition; we may be exposed to
liabilities that other entertainment service providers would not
customarily be subject to; and our business and prospects depend on
the strength of our brands. Additional factors that could cause our
results to differ materially from those described in the
forward-looking statements can be found in our Annual Report on
Form 10-K for the year ended December 31, 2020, which is filed with
the Securities and Exchange Commission (the "SEC") and available at
the SEC's Internet site (http://www.sec.gov). The information set
forth herein speaks only as of the date hereof, and we disclaim any
intention or obligation to update any forward looking statements as
a result of developments occurring after the date of this
communication.
Source: SiriusXM
Media contact:
Kevin
Bruns, SiriusXM, Kevin.Bruns@SiriusXM.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/siriusxm-acquires-cloud-cover-media-inc-301460542.html
SOURCE Sirius XM Holdings Inc.