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February 13, 2009

Sirius XM Contemplating Bankruptcy

So sad about Sirius XM.  When the two companies were urging the feds to approve their merger they argued that the market wasn't just satellite radio but all entertainment sources such as iPods, CDs, terrestrial and Internet radio, etc.  They were right.  The radio is hardly compelling with so many entertainment choices that don't come with a subscription.  With close to 20 million subscribers and growing, the merged company still can't bring in enough cash flow to pay off combined capitalization debts approaching $1 billion this year.  The current recession and sluggish credit markets are not helping.  Looks as if bankruptcy is going to be the option, perhaps as early as Tuesday.  The service will probably survive but the future can't look bright when the operation is nothing but a money pit.  More from the Wall Street Journal and CNNMoney.  [MG]

February 13, 2009 | Permalink

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