SiriusXM Records $2.96 Billion Loss After Tracking Stock Merger ...Middle East

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SiriusXM Records $2.96 Billion Loss After Tracking Stock Merger
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SiriusXM reported a 4% decline in revenue and a nearly $3 billion net loss last quarter after it completed a financial maneuver that was aimed at simplifying its publicly traded stock, the company reported on Thursday. The $2.96 billion quarterly net loss stemmed from a $3.36 billion non-cash impairment charge, a type of accounting expense the means an asset’s value on the company’s balance sheet was written down. When SiriusXM merged with Liberty Media’s tracking stock in September, Liberty Media valued the company’s goodwill based on a sustained lower stock price. Related

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