Sirius XM filing for bankruptcy

Submitted by mmcvey on February 11, 2009

Date: Wednesday, February 11, 2009
Location: New York, NY
Section: scitech

For all you satellite radio persons, don't fret. According to reports, SXM shouldn't actually shut down, but big name big money contracts like Howard Stern may get cut. To date, if this is to occur, this would be the second-highest bankruptcy filing of 2009. From what I can see, the bankruptcy seems inevitable. Reports indicate they never turned a profit, and the merger just lumped all that debt and redness together, creating one mound of debt in an industry and an idea people really thought would take off. Rumor has it that EchoStar, a TV satellite company who has already bought stock in the merged companies, may be in line for a much easier takeover. So far, the two head execs aren't getting along. I don't know what attraction EchoStar would have in a failed attempt at something new, but maybe they have a better business model or just want the hardware. At any rate, the important notice seems to be that if you have their service, it will remain in effect for the foreseeable future. I doubt seriously that we've seen the last of satellite radio.

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