Time to Bail Out Sirius Radio?
skinnydipinacidSirius XM Radio posts $4.88B loss after charge
(sorry... i couldn't resist)
NEW YORK (AP) - Sirius XM Radio Inc. (SIRI) said its loss widened to $4.88 billion in the third quarter after the satellite-radio provider booked a hefty impairment charge related to a drop in the company's stock.
Sirius XM was created by the combination of satellite-radio companies Sirius and XM in July. It reported results Monday after the closing bell.
For the quarter ended Sept. 30, the New York-based company's losses widened to $1.93 per share, from a loss of $120.1 million, or 8 cents per share, a year earlier.
The company's results include only two months of operations at XM. It also includes a $4.8 billion impairment charge to goodwill, mostly related to a drop in the company's share price since its agreement to combine in February 2007.
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Reader Comments (2)
I hope I don't hurt anybody's feelings by chucking over this. I actually did the whole Sirius radio thing for 6 months shortly after getting it as a gift from the wife back in 2006. It didn't seem to be worth it for me back then either, and that was before they raised their prices. I simply prefer the joys of my own music mixed with the occasional talk radio that I find on countless free channels everywhere. I definitely wasn't buying into the hype after they kept trying to ding my credit card every 3 months despite my continuous calls to unsubscripe to it. I finally had to cancel my credit card because Sirius radio wouldn't stop billing me.
I've had XM since it first came out, and I kinda like it. Particularly when traveling, it's nice to not have to fool around retuning every few miles.
But if they can't run a business, too bad. Let 'em go toes-up.