Nearly every major sector has grappled this year with the impacts of new tariff policies, which have rippled through supply chains, end markets, and corporate budgets.

Yet one industry that has proven resilient under the new tariff environment is media and entertainment. Shares of streaming pioneer Netflix and podcasting powerhouse Spotify Technology are up 35% and 63% year to date, respectively -- far outpacing broader returns across the S&P 500 and Nasdaq Composite.

By contrast, Sirius XM Holdings (NASDAQ: SIRI) has not shared the same level of enthusiasm from investors. Shares of the satellite radio operator are roughly flat on the year, leaving it lagging far behind its peers. Yet despite its muted performance, Sirius XM has been making frequent headlines -- drawing renewed investor intrigue.

Two developments in particular are shaping the narrative around Sirius XM at the moment. Let's discuss the details and explore whether the stalling stock could be worth a look for your portfolio right now.

Shocking the shock jock

For nearly two decades, one of the most coveted assets in Sirius's content library was its exclusive partnership with iconic shock jock Howard Stern. Stern is often credited as the architect of Sirius's early rise, leaving terrestrial radio for a fledging satellite service that, at the time, had little traction or proven product-market fit.

Now, the Stern era at Sirius may be nearing an end. Multiple media outlets have reported that Sirius is weighing whether to move on from Stern's program. While this does not appear to be a full contract cancellation, reports suggest that Sirius no longer sees the same value in Stern's show -- one that historically commanded hundreds of millions of dollars per contract extension.

At first glance, this might seem to signal financial woes for Sirius. But a closer look tells a more nuanced story. Industry chatter indicates that Sirius may be seeking to renew Stern's contract at a vastly reduced rate or even to reallocate those dollars toward new talent -- such as podcast phenomenon Alex Cooper.

Such a shift could prove strategic in the long run. Stern's audience skews older, largely made up of fans who migrated from terrestrial radio in the late 1990s and early 2000s. Today's audio entertainment landscape looks quite different. With remote work and delivery services reducing commute times, the car-centric listening model that once gave Sirius an edge has lost some relevance.

Why Everyone Is Talking About Sirius XM Stock