Tag Archives: Sirius XM
Sirius XM To Start Rolling Out Satellite Radio 2.0 Technology At The End Of The Year
Sirius XM Radio Inc. (NASDAQ:SIRI) has announced that they will be rolling out satellite radio 2.0 technology at the end of the year. Two new SXM 2.0-equipped radios will be the starting point of the launch. Early next year, at least one auto manufacturer will release a 2013 model year equipped with the new technology.
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Howard Stern Suing Sirius XM For Failing To Pay Stock Awards
Radio personality Howard Stern and his agent is suing Sirius XM Radio Inc. (NASDAQ:SIRI) for failing to pay stock awards to them. Stern claims to have helped Sirius XM surpass subscriber growth targets.
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Categories Howard Stern, Sirius, Sirius XM
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Howard Stern Signs A 5 Year Contract With Sirius XM
Sirius XM Radio Inc. (NASDAQ:SIRI) has signed a 5 year contract with Howard Stern. Stern made the announcement on his show earlier this week. He is not taking a pay cut as part of this deal. Stern will be broadcasted on the Sirius XM mobile application too. [NY Daily News]
Categories Howard Stern, Sirius XM
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Sirius XM Radio Hits 20 Million Subscribers
SIRIUS XM Radio Inc. (NASDAQ:SIRI) has announced that they have hit 20 million subscribers. As a milestone celebration, SIRIUS XM announced a subscriber-only broadcast of an exclusive Paul McCartney concert at the Apollo Theater in New York City. Full press release below:
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Categories Mel Karmazin, Sirius, Sirius XM
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United Airlines Switching Sirius XM Radio To Microsoft Zune Channels
United Airlines (NASDAQ:UAUA) is replacing Sirius XM Radio with Microsoft Zune channels. The contract with Sirius XM ended May 30 and United Airlines decided not to renew. About 21 Zune channels will be available on every in-flight entertainment equipped United aircraft across various genres. [Fool.com]
Sirius XM Radio Has First Quarterly Profit Since The Merger
Sirius XM Radio has posted their first quarterly profit since the merger. The company expects to add about 500,000 customers in 2010 as there has been an increase in demand for new cars. It was about a year ago that Sirius XM was considering a bankruptcy. Liberty Media helped bail out the radio company from the bankruptcy. Liberty has about a 40% equity stake in the radio company. Sirius XM reported a fourth quarter net income of $14.2 million. About a year ago, Sirius XM had a net loss of $245.8 million. [NYT]
Categories Liberty Media, Sirius XM
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Sirius XM Raises $350 Million Debt Financing To Pay Off Debt
Sirius XM Radio Inc. (NASDAQ:SIRI) created a new iPhone application to try to get new business last May. Now Sirius is attempting to raise $350 million debt financing through 4 year senior secured notes according to an SEC filing. Sirius needs money to pay off debt. This past February Liberty Media Corporation invested $530 million to keep Sirius afloat instead of filing bankruptcy.
[via BusinessInsider]
Categories Sirius, Sirius XM, XM Satellite
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Details About The Sirius-XM iPhone Application
As many of you are aware, Sirius-XM almost had to file for bankruptcy but was given a lifeline from Liberty Media. Shortly after resolving the financial issue, the company announced that they were going to make an iPhone application. Now we have found out additional information about their upcoming application.
The application will be for free, but will require a subscription to work. Current subscribers will have to pay $3/month for the application and non-subscribers have to pay $13 per month. This is quite hefty considering the other radio stations that are available for free (Pandora/Last.fm/Clear Channel/Shoutcast).
For those of you out there that are Sirius-XM satellite subscribers, do you think you’d shell out $3 per month for it?
[via TUAW]
Categories Apple App Store, iPhone, iPhone 3G, Sirius, Sirius XM, XM Satellite
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Sirius XM Plan To Launch An iPhone App
Sirius XM is the satellite radio company that almost went out of business, but was spared by Liberty Media. Sirius XM plans on expanding the reach of their programming by unleashing an iPhone application in their second quarter through a potential marketing partnership with DirecTV.
The company is attempting to find new revenue streams because they are looking bad right now. The iPhone application would be available to Sirius’ 19 million subscribers and Apple’s 7 million U.S.-iPhone users. It would also be available to iPod Touch WiFi users.
“This is a large and interesting opportunity that will maintain our subscription-based economics while providing customers easier access to our content through means other than our traditional satellite-based platform,” stated Sirius’ CFO David Frear.
Categories Apple Inc., David Frear, Liberty Media, Sirius, Sirius XM, XM Satellite
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Sirius Is Saved For Now: Liberty Media Invests $530 Million For 40% Ownership
Liberty Media Corporation, the parent company of DirectTV, has made it easier for Sirius XM satellite radio to stay alive. Liberty Media has taken a 40% stake in the satellite radio company in exchange for $530 million. Sirius XM was forced to pay $172 million today to creditors in the form of convertible notes. Later this year, the company will owe another $750 million in loans. Therefore the deal with Liberty Media is just a temporary solution.
Liberty will be loaning Sirius XM $280 million with a 15% interest rate. Sirius will have to pay back Liberty Media the money by December 2012. Another part of the deal is a $150 million loan to XM radio for help in paying back Echostar, a satellite TV company. Echostar had expressed interest in acquiring Sirius XM at one point as well. Liberty also pledged to loan another $100 million to help pay for Sirius XM’s existing loans.
Once all of the loans are made, Liberty Media will get 12.5 million preferred stock shares in the satellite radio company. Liberty will also have 40% of the seats on Sirius XM’s board of directors.
“We are pleased to have come to this agreement with Liberty Media, particularly in light of today’s challenging credit markets,” stated Sirius XM CEO Mel Karmazin. “Liberty’s investment is an important validation of what Sirius XM has already achieved and a vote of confidence in what we will achieve. This agreement enables Sirius XM to continue to develop the opportunities first outlined in the merger of Sirius and XM. By strengthening our capital structure and enhancing our financial flexibility, this investment allows us to continue providing the great content and innovative programming our subscribers know and love.”
Categories Liberty Media, Mel Karmazin, Sirius, Sirius XM, XM Satellite
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