In the long term, Sirius XM does face some serious headwinds. Remote work has put a dent in subscriber growth, as many potential customers are no longer commuting regularly in their vehicles. Mounting competition from other streaming services continues to threaten the company's ability to attract and sustain its subscriber base.

Warren Buffett’s Berkshire Hathaway has spent another $54 million to purchase Sirius XM stock, giving it a stake of more than 35% in the satellite-radio company.

The Omaha, Nebraska-based conglomerate purchased roughly 2.3 million shares for about $54 million in separate transactions Thursday through Monday.