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December 2, 2008 8:48:03 PM CST

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Under Pressure, Sirius XM Tries to Look Ahead

Posted Sep 15, 08 11:45 AM CDT in Business 

(Newser) – Satellite radio’s fortunes—thought to be peaking after Sirius and XM merged in July—are falling as the united company’s stock continues to tumble and management scrambles to refinance debt, reports the Wall Street Journal. Still, CEO Mel Karmazin says, the company is “heading toward making a bunch of money in the future.”

The new Sirius XM hopes to cash in during the holiday season, regaining its footing after a year of merger confusion that essentially stopped retail sales. The company is wooing retailers like Best Buy and Circuit City and may offer ex-subscribers a free taste of the new, combined service. And after he has Sirius XM's cash flow problems resolved, Karmazin says, he'd like to explore going private.

Source Wall Street Journal

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In this Feb. 7, 2007 file photo, Sirius Satellite Radio Chief Executive Officer Mel Karmazin, center, talks with company president Scott Greenstein, right, in New York.   (AP Photo/Mark Lennihan, File)
In this March 24, 2008 file photo, a Sirius satellite radio player plays Howard Stern's radio talk show in a car in Orange Village, Ohio.   (AP Photo/Amy Sancetta, File)
In this March 21, 2007 file photo, XM Satellite Radio and Sirius Satellite Radio products are advertised side by side on the exterior windows in the Sherman Oaks section of Los Angeles.   (AP Photo/Damian Dovarganes, File)
In this Feb. 11, 2004 file photo, Mel Karmazin testifies on Capitol Hill in Washington.   (AP Photo/Lawrence Jackson, File)
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mergers and acquisitions • broadcasting • Sirius • XM Satellite Radio • Mel Karmazin • Sirius XM


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