“‘Anything that puts Apple on the path toward owning the automobile would really brighten the company’s long-term outlook,’ Cramer said,” Seitz reports. “Apple ended the June quarter with $231.5 billion in cash and securities. ‘Every six months, Apple spends the equivalent of Sirius XM’s entire market cap on buying back its own stock, and they have got more than $230 billion just lying around,’ Cramer said. Sirius has a market cap of about $20 billion.”
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MacDailyNews Take: We don’t see Apple ponying up the $40 billion or so it would take to buy a business that they are effectively working to replace with Apple Music and streaming content. If you’re listening to Apple Music via CarPlay, you’re not listening to Sirius XM. It would be cheaper for Apple to lure away the exclusive draws on Sirius XM (one example: Chris “Mad Dog” Russo) than to buy the whole kit and caboodle. All of Sirius XM’s music channels are already obviated by Apple Music.