SatRadio News
Your source for satellite radio news, reviews, rumors, and more...
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- XM and Sirius Satellite Radio News
Q: Your blog is great! You had a lot of info but you don't say which service is better. Spill the beans! Should I get XM or Sirius?A: Read my response here.
Delphi XM 'Roady' Satellite Radio Receiver Now Available at Retail Stores Nationwide (XM Satellite Radio, 10.08.03) - Press release from XM Satellite Radio notes that and Delphi Product & Service Solutions, part of Delphi Corporation, today announced that their latest product - the Delphi XM "Roady" - is now available at retail stores nationwide. The Roady is the first complete satellite radio solution for the vehicle for under $120. With the Roady on board, drivers can tune into XM Satellite Radio's award-winning 100 digital radio channels of music, news, sports, talk, comedy, and other entertainment programming from coast to coast. Subscribers pay just $9.99 a month for the XM service. The Roady ($119.99 MSRP) has several unique features, including the new ultra-thin XM Micro Antenna, the smallest satellite-radio antenna on the market. The compact, customizable Roady unit comes with three interchangeable faceplates and seven different options for screen-display colors.
- XM and Sirius Satellite Radio News
XM Satellite on Track to Reach Subscriber Goal (Dow Jones Business News, 10.01.03) - News article notes that XM Satellite Radio remains on track to reach 1.2 million subscribers in 2003, less than a month after launching a marketing campaign to build its subscriber base to 1 million. The company's smaller competitor, Sirius Satellite Radio, had a subscriber base of 105,186 at the end of the second quarter. Both companies need about 2 million to 3 million subscribers to reach cash flow break-even.XM XM Satellite Radio Tops 929,000 Subscribers (XM Satellite Radio, 10.01.03) - Press release from XM Satellite Radio notes that it has 929,648 subscribers. The company closed the third quarter of 2003 with an addition of 237,395 new subscribers, its best-ever performance. "The third quarter represented our largest quarterly increase in net subscriber growth and one million subscribers is around the corner," said Hugh Panero, XM President and CEO. "This strong performance positions the company for its 2003 goal of 1.2 million subscribers and primary goal to reach cash flow breakeven by the end of 2004."
- XM and Sirius Satellite Radio News
Sirius Sees Financial Turnaround in 2003 (Space.com, 09.08.03) - News article notes that Sirius Satellite Radio has plenty of money on hand and has just announced it may seek to raise an additional $500 million -- not to stay alive, but to grow. Jim Collins, a Sirius spokesman, stressed that Sirius currently has no plans to go to the market for more money. He said the company has $560 million on hand from a refinancing completed earlier this year, and described the shelf registration as a technical filing.XM to sell $150 mln shares to finance new satellite (Reuters, 09.08.03) - News article notes that XM Satellite Radio expects to raise about $150 million by increasing its public shares by almost 11 percent, in a bid to finance the construction of a new satellite. XM, a provider of subscription based satellite radio services said it priced an offering of 11.3 million shares to Legg Mason Funds Management, Legg mason Capital Management and another large institutional investor it did not name.
XM Satellite Radio Announces Placement of $150 Million in Securities (XM Satellite Radio, 09.08.03) - Press release from XM Satellite Radio notes that it has priced a public offering of 11,320,755 shares of its Class A Common Stock to Legg Mason Funds Management, Inc., Legg Mason Capital Management, Inc. and another large institutional investor, each on behalf of its investment advisory clients. Expected net proceeds will be approximately $150 million. The transaction is expected to close on September 10, 2003. A copy of the prospectus relating to the offering can be obtained from the company. All of the securities were offered by the company.
Sky-High Stakes for Satellite Radio (BusinessWeek Online, 09.04.03) - News article notes that XM Satellite Radio's announced second-quarter earnings on Aug.7, reporting a $164 million loss on $18.3 million in revenue, but XM figures on breaking even by late 2004. Investors certainly seem sold on the idea that XM can generate enough new subscribers to pay off mounting debt. While its future is promising, XM is still borrowing money to fund growth. It pays GM a subsidy to put the satellite radio receivers in its cars. All told, between those subsidies and marketing costs, XM pays $160 to acquire new subscribers, says XM Chairman Gary Parsons, a former MCI executive. So in effect, GM, which is a 20% shareholder in XM, is loaning money to XM, whose debt is now $732 million and could grow to $1 billion, says Ernst.
- XM and Sirius Satellite Radio News
Sirius Satellite Radio Files $500 Million Shelf (Dow Jones Business News, 09.02.03) - News article notes that Sirius Satellite Radio filed a $500 million shelf registration statement with the SEC, but said it has no intention to issue the securities. In a press release Tuesday, Executive Vice President and Chief Financial Officer David Frear said, "Our offerings of 3.5% convertible notes in May and common stock in June leave Sirius in an excellent position, with the strongest balance sheet in the industry and cash in excess of the projected amount we need to reach the cash flow breakeven point."Sirius Shares Hit on Shelf Filing (TheStreet.com, 09.02.03) - News article notes that Sirius Satellite Radio's $500 million mixed shelf registration had investors jittery in Tuesday's early going. The satellite radio company swore it has no plans to do anything under the shelf, which covers debt securities, common and preferred stock and warrants. But given the company's recent love affair with the capital markets, investors concerned about further dilution were nervous. Sirius' never-a-dull-moment shares were recently off 9 cents, or 5%, to $1.59.
SIRIUS Files $500 Million Shelf Registration Statement (Sirius Satellite Radio, 09.02.03) - Press release from Sirius Satellite Radio notes that it filed a shelf registration statement with the Securities and Exchange Commission covering up to $500 million of debt securities, common stock, preferred stock and warrants. The company also announced that it has no present intention to issue securities under the registration statement. As of June 30, 2003, SIRIUS had approximately $560 million of cash, cash equivalents and marketable securities, an amount projected to be in excess of the amount the company needs to reach cash flow breakeven, the point at which revenues are sufficient to fund expected operating expenses, capital expenditures, interest and principal payments and taxes.
XM Canadian move could boost market size (Reuters, 08.29.03) - News article notes that XM Satellite Radio's move to expand to Canada could boost the number of people who subscribe to its service, but it could also be a burden for the debt-laden company, analysts said. The No. 1 U.S. satellite radio company said in a filing last week it applied for a license to sell its services north of the border through a Canadian venture, which a spokesman said could boost the company's potential market by 10 percent. And XM said in the filing that it does not expect to make a cash investment in the venture. XM's satellite network already reaches as far as Canada, XM spokesman Chance Patterson said.
