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.