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SiriusXM and Stitcher will not have to face a lawsuit from former Dawson’s Creek star James Van Der Beek accusing them of reneging on a $700,000 podcast deal.
Los Angeles Superior Court Judge Robert Broadbelt, in a tentative order issued on Friday, dismissed the suit, finding that the audio giant “did not enter into a contract” with the actor since they didn’t finalize the agreement.
Van Der Beek said he reached a deal over email with executives from SiriusXM to host 40 episodes in exchange for a $700,000 minimum guarantee and a 50 percent cut of the net ad revenue. He sued in 2022 after the company walked away from the agreement.
Ruling in favor of SiriusXM on summary judgment, the court concluded that the two sides aren’t bound by an April 2022 document outlining the terms of the deal. It pointed to the first page of the proposal, which states that it’s for “discussion purposes only, is not a binding commitment in any respect, and is not to be interpreted in any respect as a binding commitment to negotiate.”
There was extensive evidence presented to the court referencing the need to sign a definitive, longform agreement contemplated in the initial proposal. Included among them was an email from Stitcher’s Associate Director of Business Development Leah Reis-Dennis, who stated in an April 2022 email “we are ready to call terms officially closed and (finally!) get the longform started.”
Van Der Beek argued that the proposal constitutes a valid, binding contract because Reis-Dennis made various comments indicating that the terms were “closed.”
“However, in those emails, Reis-Dennis also stated that Defendants would be working to begin drafting the longform agreement or request that the longform be drafted,” stated the order, which noted that the actor’s transactional lawyer also discussed having to sign the document to lock down the deal.
Broadbelt also rejected arguments that SiriusXM should be bound by the April 2022 document because the company already started to fulfill some of its terms by beginning the process of hiring a senior producer and requesting Van Der Beek’s payroll information.
In a declaration to the court, Reis-Dennis testified that she requested “loanout info” in order to set up payments to the actor but clarified that she would pay him only “if that agreement was signed.”
The order explained, “Plaintiff has not presented any evidence or argument showing that Reis-Dennis’s request for information to set up payments in the future (1) is inconsistent with the earlier statements that the parties would be bound only upon the execution of a longform agreement, or (2) constitutes an outward manifestation that Defendants intended to be bound by the terms of the April 28 Proposal without such a longform agreement.”
Van Der Beek brought claims relating to breach of contract and sought damages exceeding the $700,000 agreement.
SiriusXM, which was represented by Jordan Susman of Nolan Heimann, didn’t respond to a request for comment.
This article was originally published by The Hollywood Reporter.
SiriusXM is facing a lawsuit from New York’s attorney general over allegations that the satellite radio and streaming service has made it “extremely difficult” for listeners to cancel their subscriptions.
In a complaint filed Wednesday (Dec. 20) in Manhattan court, Attorney General Letitia James’ office accused SiriusXM of subjecting canceling customers to “a lengthy and burdensome endurance contest,” which allegedly requires phone conversations with a live agent and extended time spent on hold.
“Sirius deliberately wastes its subscribers’ time even though it has the ability to process cancellations with the click of a button,” attorneys from James’ office wrote in the lawsuit. “The only reason Sirius requires cancelling subscribers to interact with a live agent at all is to maximize its opportunity to retain them as subscribers.”
In a statement announcing the lawsuit, James said it followed an investigation that showed SiriusXM was “trapping consumers” with its cancellation process, including by training its employees “not take ‘no’ for an answer.”
“Having to endure a lengthy and frustrating process to cancel a subscription is a stressful burden no one looks forward to, and when companies make it hard to cancel subscriptions, it’s illegal,” James said. “Consumers should be able to cancel a subscription they no longer use or need without any issues, and companies have a legal duty to make their cancellation process easy.”
Following the filing of the lawsuit, a spokeswoman for SiriusXM said the company would “vigorously defend against these baseless allegations,” saying that they “grossly mischaracterize” its practices.
“It’s telling that the New York Attorney General issued a press release before providing SiriusXM with a copy of the complaint,” the company statement said. “Like a number of consumer businesses, we offer a variety of options for customers to sign up for or cancel their SiriusXM subscription.”
According to the new lawsuit, SiriusXM automatically renews subscriptions at the end of a term unless a user calls on the phone to cancel. The lawsuit claims that users are sometimes forced to wait as long as 25 minutes just to connect with an agent, who then subject them to a “six-part script” in which they are trained to repeatedly refuse to actually terminate the subscription.
“Sirius requires its live agents to present a series of renewal offers to retain the consumer as a subscriber,” the AG’s office wrote in the lawsuit. “But when a consumer declines an offer, or refuses to hear further offers, Sirius instructs its agents not to take ‘no’ for an answer.”
By doing so, SiriusSM forces subscribers to “devote inordinate amounts of time, patience, and stamina trying to cancel a subscription they no longer wish to pay for,” the lawsuit says, even though they have a “legal and contractual right to cancel anytime using a process that is simple and efficient.”
SiriusXM’s announcement that it planned to merge its stock with Liberty SiriusXM Group, a tracking stock of Liberty Media, helped the SiriusXM share price climb 16.4% to $5.40 this week after it lagged for much of 2023. Friday’s high mark of $5.78 nearly brought the stock back to where it ended 2022, at $5.84 per share.
The deal, which requires regulatory approval and is expected to be completed in the third quarter of 2024, “will create value for all stockholders by eliminating the tracking stock structure, enhancing liquidity and allowing former LSXM stockholders to participate directly in the ongoing performance of SiriusXM,” said Greg Maffei, Liberty Media president/CEO, in a statement released Tuesday (Dec. 12).
Elsewhere, Live Nation climbed 9.2% to $93.00 this week thanks in part to an investor note by Morgan Stanley analysts that raised the price target to $110 from $100. Analysts pointed to a “secular shift” in consumer spending on experiences, the company’s increased disclosure about its Venue Nation business and a “highly unlikely” chance the Department of Justice will break up the company following its antitrust probe. Morgan Stanley’s $110 price target implies the stock, which is up 33.4% year to date, has 18% upside after Friday’s close.
Those big gains from SiriusXM and Live Nation, as well as a 4.1% gain from Universal Music Group, one of the index’s most valuable components, helped the Billboard Global Music Index increase 2.2% this week to a record 1,522.78. Nine of the index’s 20 stocks finished the week in positive territory, 10 stocks lost ground and one was unchanged.
Other indexes soared this week after the U.S. Federal Reserve held interest rates unchanged on Wednesday (Dec. 13) and indicated it would cut interest rates three times in 2024. The tech-heavy Nasdaq composite set a record closing price of 14,813.92 on Friday, marking a 2.8% gain for the week. The S&P 500 is still 2% away from its high mark after finishing the week up 2.5% to 4,719.19. In the United Kingdom, the FTSE 100 rose 0.3% to 7,576.36. South Korea’s KOSPI composite index gained 1.8% to 2,563.56.
The Billboard Global Music Index’s second-largest increase came from Reservoir Media, which gained 15% to $6.82. The stock’s $6.89 closing price on Thursday was its highest since $7.06 on Feb. 16 and is 31.4% above its 52-week low of $5.19 set on Aug. 10. Chinese music streamer Tencent Music Entertainment gained 8.0% to $8.88.
Hipgnosis Songs Fund gained 4.9% to 0.701 pounds ($0.89) after the company announced on Monday (Dec. 11) the sale of 20,000 non-core music assets for $23.1 million. The proceeds will be used to pay down its revolving credit facility. On Friday, the company also announced the appointment of Christopher Mills as an independent non-executive director effective immediately. Mills, who has a reputation as an activist investor, is CEO/investment manager of North Atlantic Smaller Companies Investment Trust and founded Harwood Capital Management in 2011. Following the news, Hipgnosis Songs Fund shares rose 2.3% on Friday.
Music streaming company Anghami dropped 30.4% to $0.94, bringing its three-week decline to 66.5%. Other than Anghami, however, no other stock finished the week with a loss greater than 5%. iHeartMedia fell 4.9% to $2.52 and MSG Entertainment dropped 3.2% to $31.16.
SiriusXM will merge its publicly traded stock with a Liberty Media tracking stock to create a single, streamlined public stock, the company announced Tuesday (Dec. 12). The deal — a piece of financial engineering rather than an overhaul of the companies’ organizations — will create a new public company that continues to use the SiriusXM brand.
SiriusXM and Liberty Media laid out numerous benefits of the transaction: a simplified equity structure; enhanced trading liquidity; a larger float (a larger percentage of outstanding shares on the market); the elimination of a multi-class stock structure; greater strategic flexibility; and greater potential for inclusion in stock indexes.
Investors have had two ways of investing in SiriusXM: the SiriusXM stock that trades on the Nasdaq and Liberty SiriusXM Group (LXSM), a “tracking stock” created by majority shareholder Liberty Media. (A tracking stock is a stock that depends on the financial performance of a specific business unit or division.) LXSM accounts for 84% of SiriusXM’s 3.84 billion outstanding shares; SiriusXM’s public shareholders own the remaining 16%.
On Sept. 26, with SiriusXM’s typically stable stock price down 26% year to date, Liberty Media announced a proposal to merge the two stocks. As detailed Tuesday, Liberty will separate Liberty SiriusXM Group by creating “SplitCo,” which will holds all LXSM assets and liabilities. SplitCo will immediately acquire SiriusXM in an all-stock transaction to form “New SiriusXM” with one class of common stock. New SiriusXM is expected to continue to be traded on the Nasdaq under the familiar stock ticker SIRI.
Former LXSM shareholders will get 8.4 shares in New SiriusXM for each share of LXSM and will own 81% of the post-merger company’s outstanding shares. Former SiriusXM shareholders will own the remaining 19%.
The new company will have a leverage ratio of 3.9 at close and a target leverage ratio of 3.0 (net debt to earnings before taxes, interest, depreciation and amortization). New SiriusXM has secured financing commitments up to $1.1 billion to fund the refinancing of a LXSM loan and an exchangeable bond. The companies told investors share buybacks will take less priority until that target leverage is reached.
“This combination will create value for all stockholders by eliminating the tracking stock structure, enhancing liquidity and allowing former LSXM stockholders to participate directly in the ongoing performance of SiriusXM,” said Greg Maffei, Liberty president/CEO, in a statement. “SiriusXM commands the largest paid share-of-ear in the car and has proven itself as an incredibly successful and profitable business. We are confident SiriusXM will continue to create value by building on its resilient business model to execute its strategic initiatives.”
“We are pleased that the Special Committee of our Board of Directors has reached this agreement with Liberty Media, which will allow SiriusXM to enter its next phase of value creation,” added Jennifer Witz, CEO of SiriusXM. “In a highly fragmented audio entertainment industry, SiriusXM has differentiated itself as the leading audio entertainment provider by creating an experience centered on our high-quality, premium, human curated radio that is more relevant than ever. In doing so, we have built a profitable business that is poised for continued success.”
The deal is expected to close in the third quarter of 2024 and is subject to regulatory approvals and a majority vote of Liberty SiriusXM Group shareholders. The transaction has been approved by Liberty Media’s board, a SiriusXM special committee and SiriusXM’s board of directors. The deal will be tax-free to Liberty SiriusXM Group and SiriusXM shareholders, except for cash received instead of fractional shares.
SiriusXM’s stock price has dramatically improved since September thanks to news of the merger plan as well as a 10% increase in its dividend in October. Shares of SiriusXM rose 5.6% to $5.30 following Tuesday’s announcement, reducing its year-to-date deficit to 9.2%.
SiriusXM hosted an event in New York City on Wednesday (Nov. 8) in which the company unveiled a new-look version of its app, set to debut Dec. 14, while announcing a rebrand and a slew of new programming initiatives, including new channels run by John Mayer and Kelly Clarkson, among others.
In conjunction with the app, Sirius will also offer a streaming-only subscription tier for $9.99 per month, aimed at younger listeners who are interested in the service’s 400-plus channels of content and podcasts but don’t generally listen in the car, where Sirius has become dominant in recent years. The new-look app will include increased customization, a new playback experience, an audio library, a new home for its podcast content and improvements in search and discovery, executives stressed at the two-hour event.
The new channels will begin rolling out in the next few months, starting with Clarkson’s channel, called the Kelly Clarkson Connection, which will be available starting today. Clarkson appeared on stage at the event with her band and introduced her channel — which she said will be on Channel 12, as she isn’t a fan of odd numbers — that will include her music and a variety of other music she enjoys and is inspired by. To kick that off, she and her band performed a cover of Miley Cyrus’ “Flowers” — which she said they just learned hours before — and her own “Since U Been Gone.”
New channels from Shaggy (Shaggy’s Boombastic Radio), who also appeared on stage, and Smokey Robinson (Smokey’s Soul Town) are also available beginning today. A limited-edition channel from Dolly Parton, Dolly Parton’s Rockstar Radio, will go online Nov. 15, while Mayer’s show, which will be available year-round and is called Life With John Mayer, is set to debut Nov. 22. A weekly show by James Corden and a new true-crime channel from Crime Junkies podcast host Ashley Flowers will also soon come online.
“The introduction of the new SiriusXM streaming experience marks a pivotal moment in our history, one that kicks off a new era of innovation at our Company,” SiriusXM CEO Jennifer Witz said in a statement following the event. “And this launch is just the beginning; we will continue to iterate and develop our product offerings throughout the next year and beyond as we strive to deliver our subscribers the best listening experience on the go, in the car, and wherever they choose to tune in. From can’t-miss live moments to the perfect soundtrack for any occasion, with the new SiriusXM, we are putting our differentiators at the forefront and welcoming in a new generation of listeners, bringing them closer to what they love.”
The event opened with Witz introducing the new app, before turning the stage over to Sirius’ biggest and longest-tenured star, Howard Stern, who spoke about his frustrations during his time on terrestrial radio that led to him taking a chance on the then-nascent Sirius 17 years ago. “Everyone said it’s gonna fail, you’re stupid, you’re ugly — and those were my parents,” he joked. “To me, SiriusXM was an oasis in a desert of censorship. … My mission is to convince audiences that radio is worth paying for, and I think that mission continues to grow. I think there’s a bright future for Sirius. I banked my career on it.”
In addition to Clarkson and Shaggy, the event saw cameos from Conan O’Brien, Andy Cohen, Maren Morris, Flowers and Kevin Hart, while Corden and Mayer appeared in short video segments. And it ended with a performance from Def Jam rapper Armani White, who performed his hit song “Billie Eilish.”
As part of the rebrand — which includes a new logo — executives also re-introduced Sirius’ dog mascot, named Stella, after the Dog Star constellation from which Sirius took its name. The company also announced a new partnership with Audible to share content beginning next year, as well as renewed partnerships with car manufacturers and hotel chains. Next year will also see the company bringing on 160 new artist DJs, including Olivia Rodrigo and Morris, among many others.
Shares of SiriusXM gained 20.1% this week following the company’s third-quarter earnings on Tuesday (Oct. 31) that showed the satellite radio company, which also owns music streamer Pandora, was more profitable despite flat revenue and small losses of self-pay satellite and Pandora subscribers.
Shares of SiriusXM rose to $4.95, its highest closing price since Aug. 3. With the help of a 155,000 increase in promotional subscribers, the company’s total satellite radio subscribers were flat at 34 million. Revenue was unchanged from a year ago at $2.27 billion, but SiriusXM’s net profit grew nearly 50% to $363 million.
Investors will be watching intently next Wednesday (Nov. 8) when SiriusXM unveils a new streaming app as well as in-car innovations and new programming. “This leading content and upcoming product upgrade will be paired with our unmatched business model, which we expect to continue delivering significant and growing free cash flow in the years ahead,” said CEO Jennifer Witz during Tuesday’s earnings call.
The 20-stock Billboard Global Music Index gained 6.9% to 1,394.40, its best week-on-week performance since the index gained 7% in the week ended Nov. 25, 2022. Last week, the index almost fell into correction territory — a 10% decline from its recent high — but this week’s gains reduced the deficit to the high of 1,447.32 (week ended July 21) to 3.7%.
Eighteen of the index’s 20 stocks finished the week in positive territory. Of the two stocks to decline this week, Hipgnosis Songs Fund dropped only 0.8% while Abu Dhabi-based Anghami fell 15.9%.
Led by SiriusXM, the index’s three radio stocks had an average weekly gain of 13.3%. iHeartRadio, the largest radio company in the United States, gained 16.8% to $2.50. The company will report quarterly earnings on Tuesday (Nov. 9). Cumulus Media shares improved 2.9% to $4.91. Additionally, the index’s four live music companies gained an average of 8%, while record labels and publishers as well as streaming companies had average one-week gains of 3.8%.
Round Hill Music Royalty Fund was removed from the index this week after the completion of its $468 million acquisition by Concord. At the acquisition price of $1.15 per share, the London-listed Round Hill Music Royalty Fund gave investors a 47.4% year-to-date return.
Stocks everywhere enjoyed a strong week as the U.S. Federal Reserve left interest rates unchanged on Wednesday, leading investors to predict the central bank would forgo further rate hikes. In the United States, the Nasdaq composite rose 5.9% and the S&P 500 gained 5.2%. In the United Kingdom, the FTSE 100 rose 1.7%. South Korea’s KOSPI composite index gained 2.8%.
Live Nation shares rose 10.9% after the company’s third-quarter results on Thursday showed that the company hit all-time records in revenue and adjusted operating income (AOI). Total revenue reached $8.2 billion, up 32% year over year, and AOI rose 35% to $836 million. Ticketmaster revenue grew 57% to $833 million in the third quarter. Through mid-October, Ticketmaster sold 140 million tickets to Live Nation events — more than the 121 million sold in full-year 2022.
Even though consumers are feeling pinched by inflation, demand continues to be strong across venue sizes and geographies, according to president/CEO Michael Rapino. “I have weekly booking calls with the over 40 presidents around the world and we talk about from clubs up to stadiums and festivals,” Rapino said during Thursday’s earnings call. “We have not seen anything taper off in any sense.”
Other stocks surpassing a 10% gain were Chinese music streamer Cloud Music, which gained 12.7% to 96.35 HKD ($12.31), and New York-based Reservoir Media, which gained 12.1% to $5.95. Reservoir Media will release its latest quarterly results on Tuesday (Nov. 7).
Satellite radio giant SiriusXM reported quarterly net profits rose nearly 50% compared to a year ago, but that it also lost 96,000 self-pay subscribers in recent months.
The company reported on Tuesday (Oct. 31) that net income was $363 million, up from $247 million in the third quarter of last year, while revenues held roughly flat from a year ago at $2.27 billion for the quarter ended Sept. 30.
Chief executive Jennifer Witz said in a statement that the company’s investments in new product and technology upgrades — expected to be unveiled next week — will help grow Sirius’ subscriber base and business by helping customers find exclusive event content from top programs and artists, including Ed Sheeran and Wu-Tang Clan.
“Our content portfolio continues to differentiate us in the audio marketplace with exclusive access to live sports, talk, music, and one-of-a- kind content,” Witz said in a statement, calling the next-gen platform “a key component of our long- term vision for the company’s consumer offerings.”
“The ongoing enhancements to our user experience will ensure that our unique suite of content resonates with our audience in increasingly personalized ways,” she said. “This leading content and upcoming product upgrade will be paired with our unmatched business model, which we expect to continue delivering significant and growing free cash flow in the years ahead.”
The looming tech releases are geared toward improving “discoverability, personalization, and ease of use to both streaming and in-car subscribers,” according to a statement, and they will kick off with the unveiling of a new app, followed by in-car updates.
Investment in the app and updates was costly. In March, SiriusXM announced it was cutting 8% of its workforce to accomodate continued investment while ad sales slumped and subscriber growth was sluggish.
While SiriusXM reported a decline in self-pay subscribers and paid promotional subscribers, the total number of subscribers and the total revenue from SiriusXM held flat from a year ago at 34 million and $1.6 billion respectively. Average revenue per user was also flat at $15.69, despite getting a boost from certain full-price subscription rate hikes.
Advertising revenue for the company’s Pandora and off-platform business edged 3% higher to $418 million from a year ago, due to increases ad sales in programs and podcasts.
The number of monthly active users on Pandora fell to 46.5 million from 48.8 million a year ago. Subscriber revenue held flat at $132 million from a year ago.
Here’s a snapshot of the company’s quarterly earnings:
Third Quarter 2023 Revenue of $2.27 Billion
Net Income of $363 Million, Up 47% Year-Over-Year; Diluted EPS of $0.09
Adjusted EBITDA of $747 Million, up 4% compared to $720 million in the third quarter of 2022
Free cash flow of $291 million, down from $329 million in the prior year period
Dusty Street, a pioneering DJ who is best known for her time working at Los Angeles-based alternative rock station KROQ-FM and later at SiriuxXM, died Saturday in Eugene, Ore. She was 77.
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Her friend Geno Michellini, who worked for many years at L.A.-based station KLOS-FM, shared the news on Facebook.
“I have been in Eugene the last two days at Dusty Street’s bedside,” Michellini posted Saturday. “The numerous afflictions that she has been so indomitably fighting these last years finally caught up to her. I am writing with a broken heart to say that Dusty left us tonight. She died peacefully, quietly and surrounded by love in a beautifully serene location overlooking the most beautiful lake you could ever want. As befitting the queen that she was. Tonight I lost one of the best friends I ever had and the world lost a radio and music legend … . She was all that and so much more. There will never be another Dusty Street. The queen is gone, but she’ll never be forgotten.”
Street most recently worked at SiriusXM for more than 20 years as host of the shows Deep Tracks and Classic Vinyl.
“We have lost one of our own,” SiriuxXM posted on Facebook. “Dusty Street has passed away after 77 joyous trips around the sun. And yes, Dusty Street was her real name. Dusty was one of the first female rock jocks on the west coast working at KMPX and KSAN in San Francisco from 1967 through 1978 before heading to Los Angeles where she held court in the evenings from 1979 through 1996 on KROQ. … We are heartbroken.”
Street was known for being outspoken, opposing the Parents Music Resource Center for attempting to apply a ratings system to rock music. She once said she was let go from KROQ for being a “renegade” as the station was implementing “tighter and tighter” control over the programming.
In 2015, she was inducted into the Bay Area Radio Hall of Fame. Earlier this year, she took part in the Epix documentary San Francisco Sounds: A Place In Time, which spotlighted recording artists from the Bay Area that were popular between 1966 and 1976, including Santana, Sly and the Family Stone, Tower of Power, and the Doobie Brothers, Jefferson Airplane and Janis Joplin.
Street once commented that people often asked her if her name was real, and that people were surprised to hear it wasn’t a stage name.. “My father’s name was Emerson Street. We used to live on Emerson Street on Palo Alto, which was pretty funny. Emerson Street on Emerson Street,” she said.
This article originally appeared in THR.com.
Abu Dhabi-based music streamer Anghami led all music stocks this week after gaining 17.6% to $0.82. On Thursday, the company announced through an SEC filing it had received a written notification from the Nasdaq Stock Market regarding its closing share price being below $1.00 for the previous 30 days. The Nasdaq gives companies 180 days to regain compliance or face de-listing from the exchange.
The warning appeared to spur a 16.5% gain on Thursday as investors saw signs the share price won’t remain under $1. In its SEC filing, Anghami stated if the share price remains under the $1 threshold it will “consider available options to cure the deficiency,” including a reverse share split (which would increase the share price by reducing the number of shares outstanding while the market capitalization remains unchanged).
SiriusXM gained 5.7% on Friday (Oct. 13) and finished the week up 11.8%. Its $4.85 closing price was the highest for the satellite radio company since Aug. 9. The typically steady stock has fallen 17% this year as self-pay satellite radio subscribers stagnated at or around 32 million for eight straight quarters. SiriusXM will host a Nov. 8 presentation to unveil a new streaming app and preview upcoming in-car innovations and new programming.
The 21-stock Billboard Global Music Index fell 1.3% to 1,355.65 this week as 13 stocks were in negative territory and only eight stocks gained ground. Year to date, the index has gained 16.1%. Led by SiriusXM’s gain and a 7.6% increase from Cumulus Media, the index’s three radio stocks had an average improvement of 5.5%. Eight record labels and publishers had an average weekly gain of 0.3%. HYBE improved 6.8% while Believe climbed 3.6% and Universal Music Group added 0.6%. Streaming companies were, on average, flat this week.
Live music stocks dropped an average of 4.8%. Shares of Sphere Entertainment Co. dropped 11.1%, effectively offsetting the 11% gain on Oct. 2 following U2’s debut performances at Sphere in Las Vegas. Live Nation dropped 3.9%, MSG Entertainment fell 3.5% and CTS Eventim shares fell 0.7%. If investors are curious what’s next for Sphere Entertainment, clues comes from an interview published Thursday. Executive chairman and CEO James Dolan said the company is “actively pursuing other markets” and “has six different kinds of spheres down to a 3,000-seater.” A Las Vegas-style Sphere may not work in London, where according to reports residents are concerned about the location and light pollution that could arise from a massive external display similar to the Las Vegas venue.
Music stocks underperformed numerous indexes. In the United States, the S&P 500 gained 0.1% and the Nasdaq composite fell 0.3%. In the United Kingdom, the FTSE 100 gained 1.4%. South Korea’s KOSPI composite index rose 2%.
Stocks faded after the release of consumer sentiment data for October by the University of Michigan showed a decline from September based on “a substantial increase” in concerns about inflation. Expectations for inflation in one year rose from 3.2% in September to 3.8% this month. That’s the highest mark since May 2023 and substantially above the 2.3% to 3% range seen in the two years before the pandemic.
Also a factor in stock prices, the U.S. Federal Reserve expects to raise interest rates one more time, according to minutes released from its September policy meeting. Interest rates have an inverse relationship with equity prices. Higher interest rates make borrowing more expensive and cut down on corporate profits.
John Mayer is ready to share his musical taste with SiriusXM users. The seven-time Grammy winning superstar is launching an exclusive, year-round channel called Life With John Mayer. The channel, which is set to become available in November, won’t be defined by genre, per a press release, by by time of day and day of […]