Sirius XM Boosts Stock Buyback Program By $2 Bln

(RTTNews) - Sirius XM Holdings Inc. (SIRI) said Wednesday that its Board of Directors has approved an additional $2 billion of common stock repurchases.

The company will fund the repurchases through cash on hand, future cash flow from operations and future borrowings.

The SiriusXM board approved a $2 billion common stock repurchase program in December 2012 and supplemented that authorization with the approval of an additional $2 billion common stock repurchase program in October 2013 and July 2014.

The new approval increases to an aggregate of $8 billion the amount of common stock SiriusXM has been authorized to repurchase.

SiriusXM said it retains sufficient capital capacity to continue making long-term investments in its programming, research and development initiatives and overall operations, as well as to pursue strategic opportunities that may arise.