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.