SiriusXM Appoints Entertainment Industry Executive, Jonelle Procope, to Board of Directors

Rhea-AI Summary

Sirius XM Holdings Inc. (NASDAQ: SIRI) announced the appointment of Jonelle Procope as an independent member of its Board of Directors. Procope, who has extensive experience in the entertainment industry, currently serves as the President and CEO of the Apollo Theater Foundation. Chairman Gregory B. Maffei expressed confidence in her ability to enhance the company's growth and stockholder value. Procope aims to leverage her expertise to further SiriusXM's success in the audio entertainment sector during a pivotal time for the industry.

Positive

• Jonelle Procope's appointment brings significant entertainment industry experience and strong relationships.
• Expected to enhance leadership and strategic direction at SiriusXM.

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• None.

NEW YORK, July 14, 2020 /PRNewswire/ -- Sirius XM Holdings Inc. (NASDAQ: SIRI), the leading audio entertainment company in the U.S., today announced the appointment of Jonelle Procope as a new independent member of its Board of Directors. 

Ms. Procope brings to the SiriusXM Board significant entertainment industry, legal and business experience. She serves as the President and CEO of the Apollo Theater Foundation, Inc., a non-profit organization that operates the Apollo Theater in New York. She is also an active member of many civic and community organizations in New York City. Earlier in her career, Ms. Procope held a variety of senior positions in the fields of entertainment law and media-related corporate affairs and management.

Gregory B. Maffei, SiriusXM Chairman of the Board said, "Jonelle is a proven executive with tremendous entertainment experience, strong industry relationships and deep business expertise. Her leadership and guidance will help SiriusXM continue to grow and create stockholder value. We are pleased to welcome her to the SiriusXM Board and look forward to benefiting from her perspectives."                                        

Ms. Procope said, "I am honored to join the SiriusXM Board of Directors at this dynamic time for the Company and the entertainment industry as a whole. SiriusXM is a leader in audio entertainment because of its focus on cultivating the best content, elevating talent and expanding its capabilities to capture new opportunities. I look forward to working closely with my colleagues on the Board to build on SiriusXM's successes and continue its momentum."

About Ms. Procope

Since 2003, Ms. Procope has served as the President and Chief Executive Officer of the Apollo Theater Foundation, Inc., a non-profit organization that operates the world famous Apollo Theater in New York and offers educational summer internship programs, and school seminars. Ms. Procope began her career as a lawyer at Skadden, Arps, Slate, Meagher & Flom, LLP, an international law firm, and later held legal and business affairs positions at Viacom International, Inc., a global entertainment company, Bristol-Myers Squibb Company, a global biopharmaceutical company, and Blackground Records, an independent record label.  

Ms. Procope brings to the Board extensive experience as a senior executive in the entertainment industry and as an active member of many civic and community organizations, such as the boards of New York Public Radio, Lincoln Center for the Performing Arts, The Gracie Mansion Conservancy and the 125th Street Business Improvement District as well as a member of the NYC Landmarks50 Advisory Committee.

Ms. Procope received her B.A. degree from Howard University and her J.D. from St. John's University.

About SiriusXM

Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment company in the U.S. and the premier programmer and platform for subscription and digital advertising-supported audio products. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM and Pandora together reach more than 100 million people each month with their audio products. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. SiriusXM's recent acquisition of podcast management and analytics platform Simplecast alongside industry-leading ad tech subsidiary AdsWizz expands the company's suite of podcast hosting, analytics, insights, monetization, and marketplace offerings. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers and directly to consumers through aftermarket devices. For more about SiriusXM, please go to: www.siriusxm.com.

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the intended use of proceeds of the anticipated notes offering and the anticipated closing date for the notes offering. 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.

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:  the current coronavirus (COVID-19) pandemic is adversely impacting our business;  our substantial competition that is likely to increase over time; our efforts to attract and retain subscribers and listeners, or convert listeners into subscribers, which may not be successful, and may adversely affect our business; our Pandora ad-supported business has suffered a loss of monthly active users, which may adversely affect our Pandora business; privacy and data security laws and regulations may hinder our ability to market our services, sell advertising and impose legal liabilities; we engage in extensive marketing efforts and the continued effectiveness of those efforts are an important part of our business; consumer protection laws and our failure to comply with them could damage our business; a substantial number of our Sirius XM subscribers periodically cancel their subscriptions and we cannot predict how successful we will be at retaining customers; our ability to profitably attract and retain subscribers to our Sirius XM service as our marketing efforts reach more price-sensitive consumers is uncertain; our failure to convince advertisers of the benefits of our Pandora ad-supported service could harm our business; if we are unable to maintain revenue growth from our advertising products, particularly in mobile advertising, our results of operations will be adversely affected; if we fail to accurately predict and play music, comedy or other content that our Pandora listeners enjoy, we may fail to retain existing and attract new listeners; if we fail to protect the security of personal information about our customers, we could be subject to costly government enforcement actions and private litigation and our reputation could suffer; interruption or failure of our information technology and communications systems could impair the delivery of our service and harm our business; we rely on third parties for the operation of our business, and the failure of third parties to perform could adversely affect our business; our business depends in part upon the auto industry; our Pandora business depends in part upon consumer electronics manufacturers; the market for music rights is changing and is subject to significant uncertainties; our ability to offer interactive features in our Pandora services depends upon maintaining licenses with copyright owners; the rates we must pay for "mechanical rights" to use musical works on our Pandora service have increased substantially and these new rates may adversely affect our business; failure of our satellites would significantly damage our business; our Sirius XM service may experience harmful interference from wireless operations; failure to comply with FCC requirements could damage our business; economic conditions, including advertising budgets and discretionary spending, may adversely affect our business and operating results; if we are unable to attract and retain qualified personnel, our business could be harmed; we may not realize the benefits of acquisitions or other strategic investments and initiatives, including the acquisition of Pandora; our use of pre-1972 sound recordings on our Pandora service could result in additional costs; we may from time to time modify our business plan, and these changes could adversely affect us and our financial condition; we have a significant amount of indebtedness, and our debt contains certain covenants that restrict our operations; our facilities could be damaged by natural catastrophes or terrorist activities; the unfavorable outcome of pending or future litigation could have an adverse impact on our operations and financial condition; failure to protect our intellectual property or actions by third parties to enforce their intellectual property rights could substantially harm our business and operating results; some of our services and technologies may use "open source" software, which may restrict how we use or distribute our services or require that we release the source code subject to those licenses; rapid technological and industry changes and new entrants could adversely impact our services; existing or future laws and regulations could harm our business; we may be exposed to liabilities that other entertainment service providers would not customarily be subject to; our business and prospects depend on the strength of our brands; we are a "controlled company" within the meaning of the NASDAQ listing rules and, as a result, qualify for, and rely on, exemptions from certain corporate governance requirements; while we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy at any time; and our principal stockholder has significant influence, including over actions requiring stockholder approval, and its interests may differ from the interests of other holders of our common stock. 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, 2019 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov ). 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.

Contacts

Investors:
Hooper Stevens
212-901-6718
hooper.stevens@siriusxm.com 

Media:
Patrick Reilly
212-901-6646
patrick.reilly@siriusxm.com

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SOURCE Sirius XM Holdings Inc.

FAQ

Who is Jonelle Procope in relation to Sirius XM?

Jonelle Procope has been appointed as an independent member of Sirius XM's Board of Directors, bringing her extensive experience in the entertainment industry.

What impact could Jonelle Procope's appointment have on SIRI stock?

Her extensive experience and industry connections may provide fresh perspectives and strategic insights, potentially strengthening shareholder value.

When was Jonelle Procope appointed to the Sirius XM Board?

Jonelle Procope was appointed to the Sirius XM Board on July 14, 2020.

What is Jonelle Procope's background?

Procope is the President and CEO of the Apollo Theater Foundation and has held senior positions in entertainment law and media. She holds a BA from Howard University and a JD from St. John's University.