Subsequent Events |
6 Months Ended |
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Jun. 30, 2020 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Debt Transactions
On June 8, 2020, Sirius XM issued a redemption notice pursuant to the indentures governing its 4.625% Senior Notes due 2023 (the "4.625% Notes") and 5.375% Senior Notes due 2025 (the "5.375% Notes") to redeem all of the $500 aggregate principal amount of outstanding 4.625% Notes and all of the $1,000 aggregate principal amount of outstanding 5.375% Notes. The 4.625% Notes and 5.375% Notes were redeemed on July 9, 2020 at a redemption price of 100.8% and 102.7% of the principal amount thereof, respectively, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. This redemption will result in a Loss on extinguishment of debt, net, of approximately $40 in the third quarter of 2020.
Capital Return Program
On July 14, 2020, our board of directors approved an additional $2,000 of common stock repurchases, increasing our total authorization to $16,000 since the inception of the program. For the period from July 1, 2020 to July 28, 2020 we repurchased 13 shares of our common stock on the open market for an aggregate purchase price of $75, including fees and commissions.
On July 14, 2020, our board of directors declared a quarterly dividend on our common stock in the amount of $0.01331 per share of common stock payable on August 31, 2020 to stockholders of record as of the close of business on August 7, 2020.
Stitcher Acquisition
On July 13, 2020, Sirius XM entered into an agreement with The E.W. Scripps Company ("Scripps") and certain of its subsidiaries ("Scripps") to acquire the assets of Stitcher, a pioneer in podcast production, distribution, and ad sales. Under the terms of the asset purchase agreement, at the closing, Sirius XM will make a cash payment of $265 to Scripps. The agreement provides that Sirius XM will potentially make up to $60 in additional contingent payments based on Stitcher achieving certain financial metrics in 2020 and 2021. The transaction is expected to close in the third quarter of 2020, subject to receipt of required regulatory approvals and the satisfaction of other customary closing conditions.
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