Pulse2 Technology and Social Media News » Sirius XM

Sirius XM To Start Rolling Out Satellite Radio 2.0 Technology At The End Of The Year

Amit Chowdhry — Tue, 09 Aug 2011 22:03:48 +0000

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.

Satellite 2.0 will be based on the Android platform and it integrates WiFi, Bluetooth, and Internet technology. This allows OEMs to update software without requiring hardware upgrades. Sirius XM will allow personalized music choices in order to compete with Pandora. Sirius XM will allow subscribers up to five hours of time shifting on most channels and it has additional Hispanic channels. A number of on-demand programs will be integrated too.

[CNET]

Howard Stern Suing Sirius XM For Failing To Pay Stock Awards

Amit Chowdhry — Tue, 22 Mar 2011 23:39:05 +0000

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.

Stern’s production company One Twelve Inc. and his agent Don Buchwald said that Sirius made an initial bonus stock award after Stern started in January 2006, but failed to do it again over the next four years. The lawsuit was filed in the Supreme Court of the State of New York.

Stern helped Sirius exceed subscriber targets by at least 2 million in each year of the contract. Stern believes that this should have triggered a stock award each time. Sirius had 230,000 subscribers at the end of 2003 when XM had 1.3 million. At the end of this December, the combined company had 20.2 million.

“When Sirius needed Stern, it promised him a share in any success that the company achieved,” stated the lawsuit. “But now that Sirius has conquered its chief competitor and acquired more than 20 million subscribers, it has reneged on its commitment to Stern, unilaterally deciding that it has paid him enough.”

[HuffPo]

Howard Stern Signs A 5 Year Contract With Sirius XM

Amit Chowdhry — Sat, 11 Dec 2010 15:00:17 +0000

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]

Sirius XM Radio Hits 20 Million Subscribers

Amit Chowdhry — Thu, 02 Dec 2010 01:32:26 +0000

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:

SIRIUS XM Reaches 20 Million Subscribers

NEW YORK, Nov. 30, 2010 /PRNewswire/ — SIRIUS XM Radio (Nasdaq: SIRI) today announced that it recently surpassed 20 million subscribers, a record number of subscribers in satellite radio history.

Mel Karmazin, SIRIUS XM’s Chief Executive Officer, stated, “Reaching and surpassing 20 million subscribers is a significant milestone for us. We have added the last 10 million subscribers faster than the first 10 million — despite a tremendously competitive environment — representing a strong endorsement of our service and our programming by discerning consumers who want and demand the best in audio entertainment. As a leader in audio entertainment, SIRIUS XM has assembled the best content, personalities, and entertainers that satisfy our subscribers’ diverse interests.”
In celebration of this milestone, SIRIUS XM previously announced a special, subscriber-only broadcast of an exclusive Paul McCartney concert at the Apollo Theater in New York City on December 13, 2010.

About SIRIUS XM Radio
SIRIUS XM is America’s satellite radio company, broadcasting more than 135 channels of commercial-free music, and premier sports, news, talk, entertainment, traffic, weather, and data services to 20 million subscribers in cars, trucks, boats and aircraft, and through a wide range of mobile devices.

SIRIUS XM offers an array of content from some of the biggest names in entertainment, as well as from professional sports leagues, major colleges, and national news and talk providers. SIRIUS XM programming is also available at sirius.com and xmradio.com, and on Apple iPhone and iPod touch, BlackBerry and Android-powered mobile devices using the SIRIUS XM Premium Online App.
SIRIUS XM has arrangements with every major automaker and its radio products are available at retail locations nationwide, as well as shop.sirius.com and shop.xmradio.com.

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, the combined company’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of SIRIUS XM’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of SIRIUS and XM. Actual results may differ materially from the results anticipated in these forward-looking statements.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statement: our dependence upon automakers and other third parties, the substantial indebtedness of SIRIUS and XM; the useful life of our satellites; and our competitive position versus other forms of audio and video entertainment. Additional factors that could cause SIRIUS’ and XM’s results to differ materially from those described in the forward-looking statements can be found in SIRIUS’ Annual Report on Form 10-K for the year ended December 31, 2009 and its Quarterly Report on Form 10-Q for the period ending September 30, 2010 and XM’s Annual Report on Form 10-K for the year ended December 31, 2009 and its Quarterly Report on Form 10-Q for the period ending September 30, 2010, which are filed with the Securities and Exchange Commission (the “SEC”) and available at the SEC’s Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.

United Airlines Switching Sirius XM Radio To Microsoft Zune Channels

Amit Chowdhry — Tue, 08 Jun 2010 04:03:43 +0000

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

Amit Chowdhry — Fri, 26 Feb 2010 18:24:00 +0000

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]

Sirius XM Raises $350 Million Debt Financing To Pay Off Debt

Amit Chowdhry — Mon, 22 Jun 2009 21:07:33 +0000

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]

Details About The Sirius-XM iPhone Application

Amit Chowdhry — Fri, 29 May 2009 00:01:29 +0000

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]

Sirius XM Plan To Launch An iPhone App

Amit Chowdhry — Thu, 12 Mar 2009 22:25:00 +0000

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.

Sirius Is Saved For Now: Liberty Media Invests $530 Million For 40% Ownership

Amit Chowdhry — Tue, 17 Feb 2009 21:33:41 +0000

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.”