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Sirius XM could file bankruptcy as early as Tuesday

Dusty Ayres

Commodore
Financially strapped Sirius XM Radio Inc. said Friday that it could file for bankruptcy as early as Tuesday if it cannot successfully negotiate with the holders of its debt.
While the satellite radio company said it has exchanged $172.5 million of debt maturing in December for new debt due in 2011, it still has about $175 million coming due this Sunday.
Sirius is fighting against attempts for control by Charlie Ergen, the chief executive of Dish Network Corp. and sister company EchoStar Corp. Ergen bought much of a $300 million batch of discounted Sirius bonds that come due next week. Sirius had rejected a previous offer by Ergen for control of the company.
A bankruptcy filing for Sirius would give it the right to terminate contracts with on-air talent, such as Martha Stewart and Howard Stern, who has a five-year, $500 million deal. A Chapter 11 filing also could crimp Sirius' growth because subscribers might shy away from a company in bankruptcy. Sirius has nearly 20 million listeners and provides a wide range of music, sports and talk radio.
Liberty Media Corp. is in talks with Sirius about possibly investing in the company, a move that could fend off Ergen.

Sirius XM could file bankruptcy as early as Tuesday
 
I still don't get the concept of people paying for radio.

Surprised it lasted THIS long!
 
I still don't get the concept of people paying for radio.

Surprised it lasted THIS long!

Same thing as paying for TV.

Good thing we had Sirius to take out BOTH satellite companies by starting a dollars for content war that didn't pay off for either of them.
 
Howard Stern, who has a five-year, $500 million deal.
How can a radio station pay someone that much:eek:
 
I still don't get the concept of people paying for radio.

Surprised it lasted THIS long!

Hmmm, rather than listening to the same 15 songs that "consultants" tell a radio station their listeners want to hear, the consumer has numerous choices:

  1. All News
  2. All Sports
  3. All One Genre (rap, rock, disco, swing, big band, 80's, etc)
Sounds like a great idea to people who don't want the situation I initially described (I am so fed up with hearing Pink Floyd and the Rolling Stones every damned day), or where there's almost no variety in the market. For example, when I first moved to the OKC area 15 years ago there was a "metal" station, Top 40, Classic Rock, adult contemporary, and then about five country stations. Yeah, we're talking a lot of variety. Things have changed somewhat, but still, I'd be one of those who would gladly pay for a better variety.

IMHO, what hurt Sirius and XM was their dire "need" to sign the likes of Howard Stern and the other "shock jocks". Lame :rolleyes:
 
If you didn't have to tie a subscription to a specific radio set, but rather have it work with any Sirius/XM radio you own, I might go in for something like this. I'd much rather have it be per subscriber, not per radio.
 
Howard Stern, who has a five-year, $500 million deal.
How can a radio station pay someone that much:eek:

Because they're fracking stupid, that's why, and now they have nothing.

Truth be told, I really didn't cotton to Sirius XM anyway-it sounded too much like the Barbados radio system Rediffusion, which was a terrestrial cable radio system that you had to also pay for, with specialized news, sports, climate info, music, etc. based on the British model of the same name (Rediffusion Barbados is now known as STARCOM Network Inc.) People already have to pay for TV as it is-why should they have to pay for radio, too? Why not just kick the ass of Clear Channel and break up the monopoly they have over radio so that a variety of stations can thrive, instead of having to pay a shitload of money just to hear idiots like Howard Stern in crystal clear digital stereo? That's what we need.
 
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Well, I think a big part of it was Sirius-XM announcing rate hikes earlier in the year. Many people dropped service at that point; I cancelled the second radio on my account. I'm betting that they might actually have shot themselves in the foot when they announced the rate hikes and now we have the denouement.
 
I had an XM radio in my car for two years when I commuted an hour one way to work. When I got a more local job I dropped it, but I still miss it when I flip between the three local stations I can stand for more than five minutes. I listened to a lot of talk/news on the XM and actually didn't listen to that much music, but even the music selections were better than the overplayed drivel on standard radio. I just wish both satellite radio and cable would figure out that they'd probably expand even more if they just offered some level of a la carte programming. I'd have been happier to be able to pay for a 30 channel package rather than getting ALL the MLB games and Spanish language music channels I never listened to...
 
I still don't get the concept of people paying for radio.

Surprised it lasted THIS long!

Same thing as paying for TV.

Good thing we had Sirius to take out BOTH satellite companies by starting a dollars for content war that didn't pay off for either of them.

You pay for content and for the absence of commercials on the music stations... Just like with pay TV.

And what killed the company was the congress. Their delaying the merger was a bull shit move and what lead to the amazingly high debts they have now. They basically had to have duplicate spending for over a year because of that.
 
I had Sirius for over a year. I dumped them due to their crappy customer service, utilizing call centers in India. Same reason I dropped 2 different credit cards. Shitty way to treat "customers", forcing you to talk to people who can barely speak frackin' English, are rude and interuptive and know nothing about the provided services.

The music was great though, and I do miss that. I heard a lot of music from groups I never would have heard about otherwise. Now I have their CD collections and that's the only way I listen to music anymore. That and the Sirius that's included with my Dish Network. I can listen to that with the TV off and even wired it into the boombox in the bedroom.
 
Regular radio is such garbage that I can't listen to it anymore, so the satellite service is great, but I still think there are barriers to entry.

a)It's just a tad too much for what you are getting, like it or not people see audio entertainment as a 'lower tier' than visual and won't pay as much. I pay like 15 bucks a month for my Netflix and WoW each but feel its too expensive for radio.

b) paying and installation of new hardware. This one is more of a barrier than you might think. Even if its easy it just 'feels' exhausting to some people

c) Internet Radio and Podcasts.
Satelitte Radio came up just before Internet radio took the next leap delivered through stuff like iPhones, G1s, and future consumer smartphones and iPod Touches and other similar devices... kind of upended it.
Pandora is awesome and it's free. I have hours of free podcasts that I listen to on my iPod. ESPN's Bill Simmons, Adam Corolla, 2 WoW podcasts, unofficial LOST podcasts with jay and jack, ESPN's pardon the interruption. Seriously I actually have TOO MUCH good talk shows to listen to... and they are all free, and they are quality.
 
I guess that explains why Anthony Cumia from the Opie & Anthony Show was doing his own webcast from his house last night from 10pm until 4am.
 
Regular radio is such garbage that I can't listen to it anymore, so the satellite service is great, but I still think there are barriers to entry.

a)It's just a tad too much for what you are getting, like it or not people see audio entertainment as a 'lower tier' than visual and won't pay as much. I pay like 15 bucks a month for my Netflix and WoW each but feel its too expensive for radio.

b) paying and installation of new hardware. This one is more of a barrier than you might think. Even if its easy it just 'feels' exhausting to some people

c) Internet Radio and Podcasts.
Satelitte Radio came up just before Internet radio took the next leap delivered through stuff like iPhones, G1s, and future consumer smartphones and iPod Touches and other similar devices... kind of upended it.
Pandora is awesome and it's free. I have hours of free podcasts that I listen to on my iPod. ESPN's Bill Simmons, Adam Corolla, 2 WoW podcasts, unofficial LOST podcasts with jay and jack, ESPN's pardon the interruption. Seriously I actually have TOO MUCH good talk shows to listen to... and they are all free, and they are quality.

I wasn't aware of how advanced Internet radio was. Thanks for the info.
 
I wasn't aware of how advanced Internet radio was. Thanks for the info.

I too have ditched satellite radio because the brains in charge completely destroyed two of my favorite stations (BPM and Fred), a great thing to do when people are cutting out non-essential luxuries.

In addition to podcasts, you can use a Windows program called Screamer Radio to record the streaming contents of internet radio stations for use on your iPod or other music player. It's a great piece of software when coupled with a large capacity music player and several stations you like. :techman:
 
I think the iPod has pretty much destroyed satellite radio. Why pay to listen to commercial-free content when you can upload whatever you want on your iPod and listen to it in the car (or wherever else you go)?
 
^ That is what I do too!

I don't listen to the radio because my ipod has ALL the music and songs, not to mention podcasts I want.

Same reason I don't watch tv - why watch tv when I can stream new shows off the net.


TV and radio just seem SO mid 20th century.
 
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