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Old 02-09-2009, 08:54 AM
richard burch's Avatar
richard burch richard burch is offline
Churchill Downs
 
Join Date: Aug 2007
Location: new jersey
Posts: 1,752
Default Sirius Going Under?

it's been nice knowing you. thanks for the good times steve

http://finance.yahoo.com/news/15-Com...-14279875.html


Sirius Satellite Radio.
(SIRI - parent company; about 1,000 employees; stock down 96%). The music rocks, but satellite radio has yet to be profitable, and huge contracts for performers like Howard Stern are looking unsustainable. Sirius is one of two satellite-radio services owned by parent company Sirius XM, which was formed when Sirius and XM merged last year. So far, the merger hasn't generated the savings needed to make the company profitable, and Moody's thinks there's a "high likelihood" that Sirius will fail to repay or refinance its debt in 2009. One outcome could be a takeover, at distressed prices, by other firms active in the satellite business.
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