The King of All Media Stays Put

Here's some news that should make Warren Buffett smile: Howard Stern isn't going anywhere. The radio provocateur announced during Tuesday's show that he's signed a three-year contract extension with SiriusXM Holdings (SIRI), ending months of speculation about whether he'd stick around past 2025.

"I'm happy to announce that I've figured out a way to have it all: more free time and continuing to be on the radio. So, yes, we're coming back for three years," Stern said during "The Howard Stern Show" on Tuesday.

The self-proclaimed "King of All Media" told co-host Robin Quivers that the new deal comes with a more flexible schedule, which sounds like the kind of arrangement you negotiate when you've got serious leverage. And make no mistake, Stern has plenty of leverage.

Why This Matters for Buffett

Berkshire Hathaway (BRK.B) has been building a substantial position in SiriusXM for years, originally through holdings in Liberty Media stock and subsequent spinoffs. Rather than walking away after the corporate reshuffling, Buffett's conglomerate has actually been adding to the position.

In the third quarter alone, Berkshire increased its SiriusXM stake by 4%, adding 5,030,425 shares. That brought the total position to 124,807,117 shares valued at $2.9 billion. While that represents only about 0.9% of Berkshire's massive investment portfolio, it translates to roughly 37% ownership of SiriusXM itself, according to CNBC.

That's not a casual investment. When you own more than a third of a company, you're paying attention to things like whether your biggest star is going to renew his contract.

The Stern Effect on Subscribers

SiriusXM doesn't break out listener figures for individual shows, but everyone knows Stern drives serious subscription numbers. A 2020 Credit Suisse report estimated that 2.7 million subscribers would cancel if Stern left the platform. At the time, that represented roughly 15% of the company's total subscriber base.

Think about that for a moment. One personality potentially accounting for 15% of your subscribers is both a testament to his value and a major business risk. The Stern renewal removes that overhang from the stock.

SiriusXM currently has 33 million paid subscribers, though the company has been losing subscribers in recent years as it competes with ad-supported music streaming services. Stern likely contributes meaningfully to both subscription revenue and advertising income. Speaking of advertising, that was actually a bright spot in the company's third quarter results, with ad revenue climbing to $455 million from $450 million in the prior year's quarter. The company pointed to its scaling digital advertising business as a strength heading into 2026.

If SiriusXM had lost Stern, management would have faced some tough decisions about which talent to invest in to retain existing subscribers and attract new ones. Now they can avoid that scramble.

Stern's SiriusXM Journey

"The Howard Stern Show" airs exclusively on SiriusXM with two dedicated channels (Channel 100 and Channel 101), where both new episodes and classic shows air. Stern first signed with Sirius way back in 2004, with his inaugural show airing in January 2006. He's renewed contracts with the satellite radio company in 2010, 2015, and 2020, making this his fourth renewal.

Tuesday's show was Stern's last new episode of 2025, with a return date set for January 5, 2026.

Stock Performance

SiriusXM stock was up 1.3% to $21.76 on Wednesday following the announcement. The shares have been trading in a 52-week range of $18.69 to $27.41 and are down 1.5% year-to-date in 2025.

For Buffett and other SiriusXM shareholders, the Stern renewal removes a major question mark hanging over the stock. Whether it's enough to drive meaningful upside remains to be seen, but at minimum, it eliminates the downside risk of losing millions of subscribers in one fell swoop.