<SEC-DOCUMENT>0000930413-19-000495.txt : 20190214
<SEC-HEADER>0000930413-19-000495.hdr.sgml : 20190214
<ACCEPTANCE-DATETIME>20190214084400
ACCESSION NUMBER:		0000930413-19-000495
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190214
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190214
DATE AS OF CHANGE:		20190214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIRIUS XM HOLDINGS INC.
		CENTRAL INDEX KEY:			0000908937
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				383916511
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34295
		FILM NUMBER:		19601135

	BUSINESS ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104
		BUSINESS PHONE:		212-584-5100

	MAIL ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIRIUS XM RADIO INC.
		DATE OF NAME CHANGE:	20080805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIRIUS SATELLITE RADIO INC
		DATE OF NAME CHANGE:	19991228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CD RADIO INC
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
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<TYPE>8-K
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; border-bottom: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
February 14, 2019 (February 14, 2019)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIRIUS XM HOLDINGS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>001-34295</B></TD>
    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>38-3916511</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle">(State or other Jurisdiction <BR>
of Incorporation)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle">(Commission File Number)</TD>
    <TD STYLE="text-align: center; vertical-align: middle">(I.R.S. Employer <BR>
Identification No.)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="color: black"><B>1290 Avenue of the Americas, 11th Fl., New York, NY</B></FONT></TD>
    <TD STYLE="width: 37%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="color: black"><B>10104</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="color: black">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="color: black">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(212) 584-5100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;Former name or former address, if changed
since last report:<B> Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; text-align: left; padding-left: 8pt"><FONT STYLE="font-family: Wingdings; color: black">o</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="color: black">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8pt"><FONT STYLE="font-family: Wingdings; color: black">o</FONT></TD>
    <TD><FONT STYLE="color: black">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8pt"><FONT STYLE="font-family: Wingdings; color: black">o</FONT></TD>
    <TD><FONT STYLE="color: black">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8pt"><FONT STYLE="font-family: Wingdings; color: black">o</FONT></TD>
    <TD><FONT STYLE="color: black">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17&nbsp;CFR &sect;230.405) or Rule&nbsp;12b-2&nbsp;of the Securities Exchange
Act of 1934 (17 CFR&nbsp;&sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; color: black">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; color: black">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial Unicode MS,sans-serif"></FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt"><FONT STYLE="color: black"><B>Item 8.01</B></FONT></TD>
    <TD><FONT STYLE="color: black"><B>Other Events</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">On February 14, 2019, we announced that our subsidiary,
Pandora Media, LLC (&ldquo;Pandora&rdquo;), has commenced an offer (the &ldquo;Repurchase Offer&rdquo;) to repurchase for cash
any and all of its $152,051,000 outstanding 1.75% Convertible Senior Notes due 2020 (the &ldquo;Notes&rdquo;) at a price equal
to 100% of the aggregate principal amount thereof plus accrued and unpaid interest thereon to, but not including, the repurchase
date (the &ldquo;Purchase Price&rdquo;). The Repurchase Offer is being made on the terms and subject to the conditions set forth
in an Offer to Purchase, dated February 14, 2019, and in the related Letter of Transmittal (together, the &ldquo;Offer Documents&rdquo;).
A copy of the press release announcing the Repurchase Offer is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Repurchase Offer is being made in accordance
with the indenture governing the Notes, which requires Pandora to commence an offer to repurchase the Notes at the Purchase Price
within ten business days from February 1, 2019, which was the date of the closing of Sirius XM Holdings Inc.&rsquo;s acquisition
of Pandora.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">This current report is neither an offer to purchase
or sell nor a solicitation of an offer to sell or buy the Notes or any other securities of Sirius XM Holdings Inc. or Pandora.
The Repurchase Offer is being made solely on the terms and subject to the conditions set forth in the Offer Documents and the information
in this report is qualified by reference to such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72pt"><FONT STYLE="color: black"><B>Item 9.01</B></FONT></TD>
    <TD><FONT STYLE="color: black"><B>Financial Statements and Exhibits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%"><FONT STYLE="color: black"><B>&#9;<U>Exhibit Number</U></B></FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="color: black"><B><U>Description of Exhibit</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: black">&#9;99.1</FONT></TD>
    <TD><FONT STYLE="color: blue"><U><A HREF="c93033_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release dated February 14, 2019</A></U></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="color: black">SIRIUS XM HOLDINGS INC.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="color: black">/s/ Patrick L. Donnelly</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Patrick L. Donnelly<BR>
Executive Vice President, General Counsel and Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: February 14, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



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<TYPE>EX-99.1
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT 99.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SIRIUSXM ANNOUNCES
REPURCHASE OFFER WITH RESPECT TO PANDORA<BR>
 MEDIA&rsquo;S CONVERTIBLE NOTES DUE 2020</B></FONT>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>NEW YORK &ndash; February 14, 2019 &ndash;
</B>Sirius XM Holdings Inc. (NASDAQ: SIRI) today announced that its wholly owned subsidiary, Pandora Media, LLC, has commenced
an offer (the &ldquo;Repurchase Offer&rdquo;) to repurchase for cash any and all of its $152,051,000 outstanding 1.75% Convertible
Senior Notes due 2020 (the &ldquo;Notes&rdquo;) at a price equal to 100% of the aggregate principal amount thereof plus accrued
and unpaid interest thereon to, but not including, the repurchase date (the &ldquo;Purchase Price&rdquo;) and on the terms and
subject to the conditions set forth in an Offer to Purchase, dated February 14, 2019 (as it may be amended or supplemented from
time to time, the &ldquo;Offer to Purchase&rdquo;), and in the related Letter of Transmittal (as it may be amended or supplemented
from time to time, the &ldquo;Letter of Transmittal&rdquo; and collectively with the Offer to Purchase, the &ldquo;Offer Documents&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Repurchase Offer is being made in accordance
with the indenture governing the Notes, which requires Pandora Media, LLC to commence an offer to repurchase the Notes at the Purchase
Price within ten business days from February 1, 2019, which was the date of the closing of Sirius XM Holdings Inc.&rsquo;s acquisition
of Pandora Media, LLC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Repurchase Offer will expire at 11:59 p.m.,
New York City time, on March 14, 2019, unless extended or earlier terminated (the &ldquo;Offer Expiration Date&rdquo;). Holders
of the Notes must validly tender their Notes at or before the Offer Expiration Date in order to be eligible to receive the Purchase
Price. Notes tendered may be withdrawn at any time at or before the Offer Expiration Date, but not thereafter, unless required
by applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subject to the terms and conditions of the Repurchase
Offer being satisfied or waived, Pandora Media, LLC will, after the Offer Expiration Date, accept for purchase all Notes validly
tendered at or prior to the Offer Expiration Date (and not validly withdrawn at or before the Offer Expiration Date). Pandora Media,
LLC will pay the Purchase Price for the Notes accepted for purchase at the Offer Expiration Date on a date that is promptly following
the Offer Expiration Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pandora Media, LLC&rsquo;s obligation to accept
for purchase, and to pay for, Notes validly tendered and not validly withdrawn pursuant to the Repurchase Offer is conditioned
upon the satisfaction or waiver of certain conditions, which are more fully described in the Offer Documents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">D.F. King &amp; Co., Inc. is acting as the tender
agent and information agent for the Repurchase Offer. Questions may be directed to D.F. King at (800) 676-7437 (toll free) or (212)
269-5550 (bankers and brokers).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release is neither an offer to purchase
or sell or a solicitation of an offer to sell or buy the Notes or any of our other securities. The Repurchase Offer is being made
solely on the terms and subject to the conditions set forth in the Offer Documents and the information in this press release is
qualified by reference to such Offer Documents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About SiriusXM </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sirius XM Holdings Inc. (NASDAQ:<FONT STYLE="color: rgb(5,99,193)"><U>SIRI</U></FONT>)
is the world&rsquo;s largest audio entertainment company, and the premier programmer and platform for subscription- and advertising-supported
audio products. With the recent addition of Pandora Media, LLC, the largest streaming music provider in the U.S., SiriusXM reaches
more than 100 million people with its audio products. For more about the new SiriusXM, please go to: <FONT STYLE="color: rgb(5,99,193)"><U>https://www.siriusxm.com/</U></FONT>.</P>



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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><B><U>FORWARD-LOOKING STATEMENTS</U>
</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><I>&nbsp;</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This communication
contains &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities Litigation Reform Act of 1995. Such
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 statements identified by words such as &ldquo;will
likely result,&rdquo; &ldquo;are expected to,&rdquo; &ldquo;will continue,&rdquo; &ldquo;is anticipated,&rdquo; &ldquo;estimated,&rdquo;
&ldquo;believe,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;projection,&rdquo; &ldquo;outlook&rdquo; or words of similar meaning.
Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject
to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally
beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking
statements.</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>The following factors,
among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations
expressed in the forward-looking statements: our substantial competition, which is likely to increase over time; our ability to
attract or increase the number of subscribers, which is uncertain; our ability to profitably attract and retain more price-sensitive
consumers; failure to protect the security of personal information about our customers; interference to our service from wireless
operations; a decline in the effectiveness of our extensive marketing efforts; consumer protection laws and their enforcement;
our failure to realize benefits of acquisitions or other strategic initiatives, including the acquisition of Pandora Media, Inc.;
unfavorable outcomes of pending or future litigation; the market for music rights, which is changing and subject to uncertainties;
our dependence upon the auto industry; general economic conditions; existing or future government laws and regulations could harm
our business; failure of our satellites would significantly damage our business; the interruption or failure of our information
technology and communications systems; rapid technological and industry changes; failure of third parties to perform; our failure
to comply with FCC requirements; modifications to our business plan; our indebtedness; damage to our studios, networks or other
facilities as a result of terrorism or natural catastrophes; our principal stockholder has significant influence over our affairs
and over actions requiring stockholder approval and its interests may differ from interests of other holders of our common stock;
impairment of our business by third-party intellectual property rights; and changes to our dividend policies which could occur
at any time. 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, 2018, which is filed with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) and available at the SEC&rsquo;s Internet site (<FONT STYLE="color: rgb(5,99,193)"><U>http://www.sec.gov</U></FONT><FONT STYLE="color: black">).
The information set forth herein speaks only as of the date hereof, 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.</FONT></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Contact for SiriusXM:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investors:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Hooper Stevens<BR>
212-901-6718<BR>
<FONT STYLE="color: rgb(5,99,193)"><U>hooper.stevens@siriusxm.com</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Media:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Patrick Reilly<BR>
212-901-6646<BR>
<FONT STYLE="color: rgb(5,99,193)"><U>patrick.reilly@siriusxm.com</U></FONT></P>


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