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Why the Mobile Web Won t Save Sirius XM

Posted on July 03, 2009

Things may finally be turning around for troubled satellite radio venture Sirius XM. Following a long and costly merger, the company became desperate for new financing just as credit dried up, and managed to avert bankruptcy only by selling 40 percent of itself to John Malone in exchange for a loan paying 15 percent interest. Last week, Sirius secured another half-billion dollars in high-interest debt, and CEO Mel Karmazin got a 20 percent raise and the option to buy 120 million new shares to celebrate his success.Success, that is, if you define the word as simply avoiding failure. Things may ...

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