If you’re upset, don’t tweet.
On July 4, SiriusXM announced that it fired Anthony Cumia, one half of the of “The Opie & Anthony Show,” after Cumia fired off what the company called, “racially-charged and hate-filled remarks on social media.”
The previous day, Cumia was taking pictures in Times Square and was assaulted by an African-American woman who didn’t want her picture taken, according to a report by TheWrap.
Cumia then fired off a series of tweets, which have since been deleted, and was fired the following day.
The stock market was closed over the long weekend, but shares of Sirius XM have fallen 2.6% over the first two days of this week.
On Twitter, some of Opie & Anthony’s fans have been trying to take out their anger over Cumia’s firing on shares of Sirius XM.
But while this firing might upset some fans of Opie & Anthony’s show, it probably isn’t a big deal for the stock.
Sirius XM is majority owned by John Malone’s Liberty Media, which was among the companies seeking to take over Time Warner Cable — in which Liberty Media already had a minority stake — earlier this year.
In a Wall Street Journal report late last year, The Journal’s Maureen Farrell noted that Malone has, “made no secret,” of his desire to consolidate the cable industry, and in 2013 made no less than $US19 billion worth of deals.
Sirius XM shares might suffer a small PR hit in the near-term following Cumia’s dismissal, as TMZ noted the pair have been broadcasting together 1995.
But Sirius XM, which owns more than $US2 billion worth of FCC licenses according to its latest 10-Q, is part of a massive Liberty Media structure.
If you’re investing in Sirius, you’re investing in a media conglomerate and what Malone might do in the future, not a couple of shock jocks.
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