SiriusXM Acquires Cloud Cover Media, Inc.

SiriusXM Acquires Cloud Cover Media, Inc.

New YorkAnd January 13, 2022 /PRNewswire/ — SiriusXM Holdings Inc. (NASDAQ: SIRI) today announced that its subsidiary, Sirius XM Radio Inc. , has acquired Cloud Cover Media, Inc. Cloud Cover Media offers Cloud Cover Music, music to business, and employs business management, music programming, licensing and software development teams. Cloud Cover Music’s easy-to-use solutions and powerful technology platform allow businesses to deliver music, with personalized voice messages if desired, to create the desired atmosphere for their prospects, clients, and customers.

Cloud Cover Music’s combination of an easy-to-use online platform and a large, experienced account team provides organizations of any size in any industry a powerful portfolio of ad-free music for their businesses with complete control over what their customers and employees hear. Cloud Cover Music’s self-service solutions and dedicated staff offer a wide range of features and options that can be customized to meet each company’s needs. Cloud Cover Music provides soundtracks to a variety of commercial sites around United State 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, integrated offerings for businesses of all sizes.

The Vice President and General Manager will continue to lead the Cloud Cover Music team Mark Lyman.

“We are excited to be part of the SiriusXM family,” said Lyman. “As one of the fastest growing music services business, we are proud of Cloud Cover Music’s proven track record with tens of thousands of customers. We are 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 corporate messaging products.”

“Cloud Cover Music has built an advanced technology platform with a set of very attractive features for businesses that want an easy-to-install solution, want to be fully covered in the licensing, and also want to be able to create a custom soundtrack for their business,” he said. Joe Verbrug, Executive Vice President, SiriusXM. “SiriusXM and Pandora have always provided a unique combination of great content and great technology. The addition of Cloud Cover Music to our commercial music portfolio is expected to help drive us forward and contribute to the growth of our business.”

SiriusXM is represented by Weil and Gotshal & Manges LLP as a consultant. Alkali Partners acted as an exclusive financial advisor to Cloud Cover Media and David Wahlberg Ekung Udok was representing the company as an advisor.

About cloud cover music

Drawing on a team of experts in business management, music programming, licensing, and software development, Cloud Cover Music has developed intelligent music solutions that allow organizations to seamlessly pair music, branded messaging, and copyright compliance. Customers from Fortune 500 companies to respected nonprofit 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 world’s leading audio entertainment company North America, the premier programmer, subscription platform, and digital advertising-supported audio products. SiriusXM platforms collectively reach nearly 150 million listeners, the largest audience for digital audio across paid and free levels in the world. North America, offering music, sports, talk, news, comedy, entertainment and podcasts. Pandora, a SiriusXM subsidiary, is the largest ad-supported entertainment audio streaming service of US SiriusXM affiliates Stitcher, Simplecast and AdsWizz making it a leader in podcast hosting, production, distribution, analytics and monetization. The company’s ad sales organization, operating as SXM Media, leverages its size, cross-platform sales organization, and ad technology capabilities to deliver results to audio creators and advertisers. SiriusXM, through Sirius XM Canada Holdings, Inc. , satellite radio and audio entertainment in Canada. In addition to the audio entertainment business, SiriusXM provides connected vehicle services to automakers. For more information 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. These 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 phrases identified by words such as “likely to produce,” “expected to,” “will continue,” “expected,” “estimate,” “believe,” “intend,” “plan,” “expect,” “foresee.” or words with the same meaning.These forward-looking statements are based on the current beliefs and expectations of our management and are by their nature subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and are generally beyond our control.Actual results and timing of events may differ materially from those expected in These statements are forward-looking.

The following factors, among others, could cause actual results and the timing of events to differ materially from expected results or other expectations expressed in the forward-looking statements: We are facing a lot of competition and this 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 to operate our business, and the failure of third parties to perform may adversely affect our business; We may not realize the benefits of acquisitions, investments, and other strategic initiatives; A large number of Sirius XM subscribers cancel their subscriptions periodically and we cannot predict how successful we will be in customer retention; 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 is based in large part on the automotive industry; Automotive production and sales depend on potential 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 various strains, on our business; The failure of our satellite would cause great damage to our business; Our Sirius XM Service may be subject to harmful interference from wireless operations; Our ad-supported business of Pandora has suffered a significant and consistent loss of monthly active users, which may negatively impact our Pandora business; Our failure to convince advertisers of the benefits of the ad-supported Pandora Service may harm our business; If we are not able to sustain revenue growth from our advertising products, particularly in mobile advertising, our results of operations will be adversely affected; Changes to mobile operating systems and browsers may impair 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 will enjoy, we may fail to retain and attract existing listeners; Privacy and data security laws and regulations may impede our ability to market our Services, sell advertising, and impose legal responsibilities; Our failure to comply with consumer protection laws may harm our business; Failure to comply with FCC requirements may harm our business; If we fail to protect the security of our customers’ personal information, we may be exposed to costly government enforcement actions and private lawsuits and our reputation may be damaged; The interruption or failure of our information technology and communications systems may impair the provision of our Services and harm our business; The music rights market is changing and subject to great uncertainty; Our Pandora services rely on maintaining complex licenses with copyright holders, and these licenses contain onerous terms; The rates we must pay for the “mechanical rights” to use music works on our Pandora Service have increased significantly and these new rates may adversely affect our business; Our use of pre-1972 audio recordings on the Pandora Service may incur additional costs; Failure to protect our intellectual property or actions by third parties to enforce their intellectual property rights may cause significant harm to 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 us to release source code subject to those licenses; Rapid technological and industrial changes and new entrants can adversely affect our services; We have a great deal of indebtedness, and our debts contain some covenants which restrict our operations; We are a “Regulated Company” within the meaning of the NASDAQ Listing Rules, and as a result, we qualify for waivers of certain corporate governance requirements and dependencies; While we currently pay quarterly cash dividends to our common stock holders, we may change our dividend policy at any time; our principal shareholder has significant influence, including actions that require shareholder approval, whose interests may differ from those of our other shareholders; If we are not able to attract and retain qualified personnel, our business may be harmed; Our facilities can be damaged by natural disasters or terrorist activities; The unfavorable outcome of pending or future litigation could have an adverse effect on our operations and financial condition; We may have obligations that other entertainment providers are not subject to; 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 (“SEC”) and available on the website of the SEC (http://www.sec.gov). The information herein speaks only as of its date, 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 Bronze, SiriusXM , [email protected]

Source: Sirius XM Holdings Inc.

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