Shares of Sirius XM Holdings sank by more than 6% in midday trading on Friday, after the Copyright Royalty Board revealed new rates for satellite-delivered services — including SiriusXM.
The rates, which cover the period of 2018-2022, are significantly higher than what they are today.
At the same time, Music Choice and Muzak are also getting a new royalty rate, and they should be pleased.