XM, Sirius subscriber growth falls short, shares dip
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XM Satellite Radio Holdings Inc.   XMSR.O and rival Sirius Satellite Radio SIRI.O on Wednesday   posted quarterly subscriber growth that fell short of   expectations, and their shares dropped despite reiterating   full-year estimates.
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Why Sirius is getting static from the markets.
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(InfoWorld) - The U.S.'s two satellite radio operators, Sirius Satellite RadioÂ and XM Satellite Radio Holdings announced Monday they plan to merge, pending a potentially difficult approval process. The all-stock deal will see XM shareholders receiving 4.6 shares of Sirius stock for each XM share they own. The new company would be worth $13 billion, based on the companies' estimates, although neither company has ever turned a profit. Sirius and XM combined lost over a billion dollars last year on total revenues of about $1.5 billion. Because the two are the only companies licensed by the U.S. Federal Communications Commission (FCC) to offer satellite radio services, the merger may face regulatory opposition over creating an industry giant that would be hinder competition. Sirius CEO Mel Karmazin will become the new company's CEO, with Gary Parsons, currently XM's chairman, set to become its new chairman. Executives from both companies will continue in their present roles until the deal closes, expected by the end of 2007. The two companies pioneered the concept of subscription-based radio services, delivered nationwide via satellite. Both Sirius and XM charge subscribers $12.95 per month for their services. Sirius surprised the radio world in 2004 when it signed shock-jock Howard Stern to a five-year, $100 million contract. Stern remains the network's chief draw of over 130 channels, which includes NFL game broadcasts and related talk shows. XM has about 160 channels and counts talk-show and entertainment titan Oprah Winfrey among its celebrities. XM claims 7.6 million subscribers, and Sirius 6 million.
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Shares of Sirius Satellite Radio Inc.  look pricey despite the company's new five-year, &#36;500 million pact with shock jock Howard Stern to air his program starting in 2006, according to the latest edition of Barron's, the weekly financial newspaper.
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U.S. stock futures slipped on Tuesday as disappointing results from Dow component Home Depot Inc.  overshadowed news of several major deals, including Sirius Satellite Radio's  plan to buy rival XM Satellite Radio  for $4.6 billion.
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By Seth Sutel  NEW YORK - XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Inc., rivals in the fledgling satellite radio industry, have agreed to combine in a deal that investors hope will result in significantly reduced costs.
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XM Satellite Radio Holdings Inc.   XMSR.O said on Wednesday it added some 285,000 new net   subscribers in the third quarter, fewer than that of rival   Sirius Satellite Radio SIRI.O, and both said they remain on   pace to meet full-year targets.
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Sirius Satellite Radio Inc. and XM  Satellite Radio Holdings Inc. said on Monday they would offer a  subscription package priced 46 percent below current levels,  and would also let customers buy packages of their favorite  channels, after their proposed merger.
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XM Satellite Radio Holdings said yesterday that its third-quarter loss widened 70 percent from a year earlier, as it continued to push for regulatory approval to merge with smaller rival Sirius Satellite Radio.
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Sirius Satellite Radio Inc.  on Wednesday tried to clear up confusion over the cost of its service after buying rival XM Satellite Radio Inc.  by telling lawmakers that it would be less than $25.90, the price of two services combined.
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XM Satellite Radio Holdings Inc. , which has agreed to be acquired by rival Sirius Satellite Radio , posted a narrower quarterly loss as it trimmed costs, sending shares up 3 percent on Monday.
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XM Satellite Radio Holdings Inc. reported a wider net loss for the fourth quarter of 2004 on Thursday as the company bulked up on new subscribers, adding more than 700,000 in the latest quarter to top 3.2 million users.
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Sirius Satellite Radio Inc.  on Tuesday posted a smaller quarterly loss on better-than-expected subscriber growth and forecast full-year revenue above Wall Street forecasts.
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XM Satellite Radio Holdings Inc., which last week announced plans to combine with rival Sirius Satellite, on Monday reported a narrower fourth-quarter loss as a larger subscription base led to a 45 percent boost in revenue.
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U.S. stock futures indicated a flat to slightly lower open on Tuesday as disappointing results from Home Depot Inc.  overshadowed news of major deals, including Sirius Satellite Radio's  plan to buy rival XM Satellite Radio  for $4.6 billion.
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Sirius Satellite Radio Inc. on Monday said it topped its goal of enlisting 1 million subscribers by year-end, while rival XM Satellite Radio Holdings Inc.
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U.S. satellite radio  companies Sirius and XM promised on Monday a variety of  subscription packages that cost up to 46 percent less than  current plans if their merger is approved.