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Acquisitions | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Acquisitions | Acquisitions Stitcher On October 16, 2020, Sirius XM acquired certain assets and liabilities of Stitcher from The E.W. Scripps Company and certain of its subsidiaries ("Scripps") for $266 in cash, which amount includes net working capital adjustments. The agreement provides that Sirius XM will potentially make up to $60 in additional contingent payments to Scripps based on Stitcher achieving certain financial metrics in 2020 and 2021. The total purchase consideration of $302 includes $36 related to the acquisition date fair value of the contingent consideration. The fair value of the contingent consideration was determined using a probability-weighted cash flow model and will be remeasured to fair value at each subsequent reporting period. Stitcher is included in our Pandora reporting unit. The table below summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date:
Acquired Assets: |
Receivables, net | $ | 21 |
Prepaid expenses and other current assets | 16 |
Property and equipment | 8 |
Intangible assets | 38 |
Goodwill | 224 |
Operating lease right-of-use assets | 11 |
Total assets | $ | 318 |
Assumed Liabilities: |
Accounts payable and accrued expenses | $ | 4 |
Deferred revenue | 1 |
Operating lease current liabilities | 2 |
Operating lease liabilities | 9 |
Total liabilities | $ | 16 |
Total consideration | $ | 302 |
The Stitcher acquisition was accounted for using the acquisition method of accounting and was financed through borrowings under our Credit Facility. Simplecast On June 16, 2020, Sirius XM acquired Simplecast for $28 in cash. Simplecast is a podcast management and analytics platform. Simplecast complements AdsWizz’s advertising technology platform, allowing the company to offer podcasters a simple solution for management, hosting, analytics and advertising sales, and is included in the Pandora reporting unit. The Simplecast acquisition was accounted for using the acquisition method of accounting. We recognized goodwill of $17, amortizable intangible assets of $12, other assets of less than $1 and deferred tax liabilities of $1. No acquisition related costs were recognized for the three months ended March 31, 2021 and 2020.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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