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Sirius Satellite Radio Inc

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BUSINESS
January 29, 2004
* Sirius Satellite Radio Inc. said its loss widened to $147.8 million in the fourth quarter as costs rose to attract subscribers and subsidize automakers that install its units. The loss amounted to 14 cents a share, compared with $122.1 million, or $1.74, a year earlier.
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BUSINESS
July 24, 2008 | Jim Puzzanghera, Times Staff Writer
Federal regulators appeared poised Wednesday to give final approval to the merger of the nation's only two satellite radio operators, which would bring together the two struggling companies after a 17-month quest. Deborah Taylor Tate, a Republican who held the swing vote on the five-member Federal Communications Commission, reportedly was ready to vote in favor of the $3.9-billion merger if Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. agreed to new conditions.
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BUSINESS
October 14, 2004 | From Bloomberg News
Sirius Satellite Radio Inc. said it raised about $321 million by selling common stock and convertible notes. The company said last week that it planned to raise about $290 million in the offerings. Sirius has said it will use the cash for general corporate purposes including programming. Sirius on Oct. 6 signed Howard Stern for a five-year contract beginning in 2006. Stern's show will cost $100 million a year to produce and distribute, the company said. Shares of Sirius rose 1 cent to $3.
NATIONAL
June 16, 2008 | From the Associated Press
The chairman of the Federal Communications Commission is recommending approval of a $5-billion merger between the nation's two satellite radio broadcasters in exchange for concessions that include turning over 24 channels to noncommercial and minority programming. That condition -- along with others, including a three-year price freeze for consumers -- convinced FCC Chairman Kevin J. Martin on Sunday to recommend approval for Sirius Satellite Radio Inc.'
BUSINESS
April 18, 2007 | From the Associated Press
A Senate committee chairman said Sirius Satellite Radio Inc. had "a steep hill to climb" in showing that its proposed purchase of XM Satellite Radio Holdings Inc. would not hurt competition in the audio entertainment market. Sirius Chief Executive Mel Karmazin told the Senate Commerce, Science and Transportation Committee that a combined satellite radio provider would benefit consumers by letting them access both companies' services for a diminished price.
BUSINESS
May 24, 2007 | From Reuters
The chairman of the U.S. Senate's antitrust subcommittee on Wednesday urged regulators to block Sirius Satellite Radio Inc.'s proposed acquisition of XM Satellite Radio Holdings Inc. Herb Kohl (D-Wis.) said he had sent a letter to the Justice Department and the Federal Communications Commission calling on them to oppose the deal on grounds that it would cause "substantial harm to competition and consumers."
BUSINESS
July 24, 2007 | From Reuters
Satellite radio providers Sirius and XM said Monday they could offer a variety of subscription packages that cost as much as 46% less than current plans if their merger is approved. In a bid to allay concerns among lawmakers that their merger would raise prices and limit programming choices, the companies announced several new packages that they say offer subscribers more choice than they can individually.
BUSINESS
December 7, 2006 | From Bloomberg News
Sirius Satellite Radio Inc., operator of the second-largest pay-radio service, plans to introduce three channels of video for a live television service next year, Chief Financial Officer David Frear said. Shares of New York-based Sirius fell 2 cents to $3.83.
BUSINESS
January 27, 2005 | From Reuters
Sirius Satellite Radio Inc. posted a fourth-quarter loss and said 2005 sales would fall short of analysts' average targets. The company had a net loss of $261.9 million, or 21 cents a share, wider than its loss of $147.8 million, or 14 cents, a year earlier. Sales surged to $25.22 million from $5 million but fell short of analysts' estimate.
BUSINESS
February 22, 2007
* McDonald's Corp. paid Chief Executive Jim Skinner $8.8 million in bonuses as a result of its "superior" performance from 2004 to 2006, the fast-food company said in a regulatory filing. * A congressional committee scheduled a Wednesday hearing to examine whether the proposed $4.8-billion merger of Sirius Satellite Radio Inc. and rival XM Satellite Holdings Inc. would hurt consumers. Sirius Chief Executive Mel Karmazin will testify before the House Judiciary Committee.
BUSINESS
February 27, 2008 | From Times Wire Services
Sirius Satellite Radio Inc. reported a narrower loss, even as it remained unclear when regulators might take action on its plans to combine with rival XM Satellite Radio Holdings Inc. Sirius and XM had hoped to close their deal by the end of last year, but it's still being reviewed by the Justice Department and the Federal Communications Commission. Sirius Chief Executive Mel Karmazin said the firm was prepared to go forward on its own in the event its combination with XM wasn't approved, saying the company is "fully funded" to continue business.
BUSINESS
July 24, 2007 | From Reuters
Satellite radio providers Sirius and XM said Monday they could offer a variety of subscription packages that cost as much as 46% less than current plans if their merger is approved. In a bid to allay concerns among lawmakers that their merger would raise prices and limit programming choices, the companies announced several new packages that they say offer subscribers more choice than they can individually.
BUSINESS
June 9, 2007 | From Times Wire Services
The Federal Communications Commission began a regulatory review of Sirius Satellite Radio Inc.'s proposed $4-billion purchase of XM Satellite Radio Holdings Inc. after a delay of more than one month. The agency is seeking public comment on the proposed merger of the only two pay-radio services, the FCC said. XM and Sirius announced their planned combination Feb. 19 and filed papers with the FCC more than two months ago. Typically, the FCC begins its review within three weeks of such filings.
BUSINESS
May 24, 2007 | From Reuters
The chairman of the U.S. Senate's antitrust subcommittee on Wednesday urged regulators to block Sirius Satellite Radio Inc.'s proposed acquisition of XM Satellite Radio Holdings Inc. Herb Kohl (D-Wis.) said he had sent a letter to the Justice Department and the Federal Communications Commission calling on them to oppose the deal on grounds that it would cause "substantial harm to competition and consumers."
BUSINESS
May 2, 2007
Sirius Satellite Radio Inc. reported a narrower loss for its first quarter compared with the same period a year earlier, when it recorded $225 million in expenses for stock paid to Howard Stern. The net loss narrowed to $144.7 million, or 10 cents a share, compared with $458.5 million, or 33 cents, a year earlier. Revenue at the New York company rose 61% to $204 million. -- United Online Inc.
BUSINESS
April 24, 2007 | From Bloomberg News
Sirius Satellite Radio Inc. increased Chief Executive Mel Karmazin's compensation ninefold to $31.2 million last year, when the firm's stock fell 47%. Karmazin received pay of $1.25 million, a $3-million bonus, stock awards of $2.83 million and options valued at $24.1 million, the New York-based company said in a regulatory filing.
BUSINESS
April 18, 2007 | From the Associated Press
A Senate committee chairman said Sirius Satellite Radio Inc. had "a steep hill to climb" in showing that its proposed purchase of XM Satellite Radio Holdings Inc. would not hurt competition in the audio entertainment market. Sirius Chief Executive Mel Karmazin told the Senate Commerce, Science and Transportation Committee that a combined satellite radio provider would benefit consumers by letting them access both companies' services for a diminished price.
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