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May 2, 2006 Sirius Loss Doubles on Stern Compensation By THE ASSOCIATED PRESS
Filed at 10:43 a.m. ET
NEW YORK (AP) -- Sirius Satellite Radio Inc. reported Tuesday that its first quarter loss more than doubled, due largely to expenses of $225 million in stock-based compensation to its star shock jock Howard Stern. Revenue nearly tripled as the company expanded its subscriber base.
Sirius reported a net loss of $458.5 million, or 33 cents a share, for the January-March period compared with a loss of $193.6 million, or 15 cents a share, a year ago.
By far the largest factor affecting the results was costs for stock-based compensation, which all companies had to begin recording this year under new accounting rules. Sirius reported stock compensation expenses of $284.6 million, of which about $225 million went to Stern and his affiliates, a company spokesman said.
The company said stock compensation costs accounted for 20 cents per share of the loss in the most recent quarter. Analysts polled by Thomson Financial had been expecting a wider loss of 36 cents per share.
On an earnings call with analysts, company officials said they had enough cash on hand to fund their current needs and expect to start turning a profit on a cash flow basis as soon as the fourth quarter of this year. Sirius also said its average cost for acquiring subscribers -- a figure closely watched by investors -- fell 41 percent to $113 in the quarter.
Investors liked what they heard, and sent Sirius's shares up 27 cents, or 5.8 percent, to $4.89 in active trading Tuesday morning on the Nasdaq Stock Market. However, the shares are still closer to the lower end of their 52-week trading range of $4.36 to $7.98.
Revenues rose to $126.7 million compared with $43.2 million in the same period a year ago as the company continued to build up its subscriber base.
Sirius said it had 4.1 million subscribers at the end of the first quarter, having added about 761,000 customers in the most recent period. The company said it now expects to have 6.2 million subscribers by the end of the year.
Both Sirius and its larger rival XM Satellite Radio Holdings Inc. are spending heavily to sign up subscribers and programming talent to their services, which require special radio receivers and cost about $13 per month.
On the conference call, Sirius's CEO Mel Karmazin said the company did not intend to follow the lead of XM in syndicating some of its programming to terrestrial radio.
CBS Radio, a unit of CBS Corp., announced recently that it was replacing rocker David Lee Roth in Howard Stern's former time slot in several of its stations with shock jocks Greg ''Opie'' Hughes and Anthony Cumia, who now work for XM. CBS Radio had fired them in 2002 after they aired a live account of people having sex in St. Patrick's Cathedral.
''It was a great deal for Opie and Anthony,'' Karmazin said. ''We're in the business of getting subscribers to satellite radio.''
Karmazin used to head CBS Radio, which had been known formerly as Infinity Broadcasting.
Posts: 2469 | From: Anchorage, AK | Registered: Oct 2001
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posted
O&A discussion board. There was a similar deal for O&A listeners but it expired - and someone posted this one.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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The Inno and Helix have been lowered to $199 with the headphones...... Bastards always wait until I get mine to lower prices.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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The rumors have been around for months but I was hoping it wouldn't come to this. Bye bye Opie and Anthony if this goes through....
Feb. 19, 2007 — ABC News has confirmed reports that two satellite radio providers XM and Sirius will announce a long-anticipated merger today.
The two companies worked over the weekend to finalize a plan that is expected to be structured as a "merger of equals," although ABC News has learned the plan calls for Sirius CEO Mel Karamzen to run the new company.
The merger would require regulatory approval as well as anti-trust scrutiny.
Kevin Martin, chairman of the Federal Communications Commission, reportedly said last month that a merger could not be approved under current FCC regulations.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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You're sure this means O&A will go away? That would be just wrong.. I'll stop my subscription if thats the case..
Posts: 2469 | From: Anchorage, AK | Registered: Oct 2001
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I am not sure about it but I can't see them working with Stern. If they move them to afternoons etc they will blow up their jobs etc.
It does look like they plan to keep both services seperated for the next few years then offer different channels alcarte. At first I thought it would be a win win because of all the added content but if they start to charge more and limit content unless you pay I think it will be a monopoly. Currently, both companies have been very aggresive with getting talent etc and keeping prices low. With a merger and lack of competition I can't see it being an improvment.
I love sat radio but if they force OA out I will probably cancel mine for spite.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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While I dont trust any Corp entity not to backtrack or twist their statements to suit their needs & desire.. The info posted so far on XMFan basically says
"Neither broadcast platform will be eliminated, and exclusive content (MLB, Howard, etc) contracts could be re-worked to allow them to be heard on existing XM or Sirius-branded receivers..."
I hope they stick too it.. They better realize that a lot of variety, lots of different personalities (like having all the talk personalities, compteting to a degree) will do a lot more for business than just re-inventing Terrestrial Radio schtick, and having their token "shock jock" in Stern...
They could really grow here, and they could def fall flat on their face.. Hopefully the music channels will get even more variety without being as redundant (both within each channel, and between the two companies).. Opening up more bandwidth for other use's...
Radio needs more innovators and less "schtick and marketing".. I love it when O&A rant about this..
I mean really when was the last time someone really produced something "new" with a radio broadcast (terrestrial or Sat..) It needs some individuals who will break from the dominate paradigm that its totally stuck in with regards to content..
Posts: 2469 | From: Anchorage, AK | Registered: Oct 2001
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I listened to the conference call while O&A commented on it this morning. They are going to attack the FCC with this idea "currently the consumer would have to spend $26 a month to get the content our company will provide". They are going to prove that they can reduce that and provide better service. Of course I don't think many people have both services so it's kind of unfair to state it like that.
They did make one thing clear - nothing will change short term (2 years) and after the merger is approved it would be cross content to start (MLB on XM etc). They have some interesting arguments to make against NAB who has a large lobby against the merger.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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So are you going to go with Sirius...back to Howard Stern?
-------------------- "Rarely has it been so clear how much we, the ordinary people of this country, are better than our rulers. I hope that lesson is not lost on anyone, of any political persuasion." Posts: 520 | From: Shakopee, MN USA | Registered: May 2002
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-------------------- "Rarely has it been so clear how much we, the ordinary people of this country, are better than our rulers. I hope that lesson is not lost on anyone, of any political persuasion." Posts: 520 | From: Shakopee, MN USA | Registered: May 2002
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The Virus, Channel 202 Schedule Starting Monday, 6/11 (all times are ET): 6:00 a.m.: "Best of" CBS (NEW) 9:00 a.m.: "Best of" CBS Replay 12:00 p.m.: Ron and Fez Live (Noon) 3:00 p.m.: "Best of" CBS Replay 6:00 p.m.: "Best of" CBS Replay 9:00 p.m.: Ron & Fez Replay from 12 noon 12:00 a.m.: Ron & Fez Replay from 12 noon (Midnight) 3:00 a.m.: "Best of" CBS Replay 6:00 a.m.: NEW "Best of" CBS (NEW)
I resubbed one of my radios today using this code:
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Yup, I will wait to see if they are censored - if they are I won't reconnect my other radio.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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posted
So the whole month they've been on Terrestrial only, did they just revisit all their early XM bits like yesterday... ? I mean, its good to hear them again, and its still funny.. albeit rehashed..
Posts: 2469 | From: Anchorage, AK | Registered: Oct 2001
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posted
It was more of current events stuff but the commercials do break the flow. I have still been downloading the full shows and burning them to CD for the drive home. I have heard most of the "best of CBS" they are playing on XM now.
posted
I dont know.. Day two of "best of's" was just more memory lane with Pat from Wuknockie... They had callers who didnt know who stalker patty was...
I hope the return to xm is more original..
Posts: 2469 | From: Anchorage, AK | Registered: Oct 2001
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Is it old stuff like from a year ago or is it best of the last month during suspension?
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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It was best of from the last month on CBS, they are just revisiting everything they did 2 years ago.. Explaining who Pat is, etc..
Posts: 2469 | From: Anchorage, AK | Registered: Oct 2001
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Sounds like a lot of the CBS shows. Dumbed down with a lot of explanation. I am surprised that the XM guys would pick that for "best of" play on XM which is were the hard core fans would listen.
I just hope on Friday they don't ignore the subject of their suspension. I am sure they have been told to not talk about it - which is gay.
They will be broadcasting from CBS for the next month while their studios get redesigned.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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Just heard the walk over. They claim no restrictions, they were suspended for not taking the situation seriously - which they disagree with, and that XM has said if something like this happens again they will stand behind them. Guess we will see.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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His wife has been on a couple times. He seems real - although the contest is pretty hack.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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Good god.... The show is a joke dude, you dont put yourself in more danger to survive.. He does dumb ass "extreme" stuff thats purely "for show"... Jumping off cliffs into water for no reason (you would never intentionally make yourself wet in a survival situ)... Running down a mountain side full speed, eating shit, raw fish, etc.. its just fucking stupid to even suggest that it has anything to do with survival skills... And people eat it up like he's hardcore...
False macho bravado done for ratings... Its jackass for the outdoors.. Actually I give more credit to the jackass guys cause they dont claim their show is about something its not...
Further proof, I'm surrounded by incompetents... Posts: 2469 | From: Anchorage, AK | Registered: Oct 2001
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Oh I planned on it, the xmfans board said it was pretty good too..
Look up 'Man vs Wild' to see that idiot Bear in action, thats the name of his show.
I mean, his show is about being overtly reckless and dangerous, and then even suggesting (an I'm being overly fair here) that "you could actually have to do this to survive"... or that how he preforms would be an acceptable risk in "the real world situ" when its pure nonsense..
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Ah, now I know what you were talking about, they had two guys named bear on the show on the same day.. what are the odds..
Posts: 2469 | From: Anchorage, AK | Registered: Oct 2001
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lol ok now it makes sense. I was like that loser that hasn't had sex in 12 year flies down mountains etc. Now it makes sense.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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Ok, listened to that part of the show with the other Bear. Then I watched an episode of Man vs Wild on Discovery. You are correct Joe a lot of it looks completely set up. Not sure if he actually eats the shit but Patrice was probably correct that a camera man next to him hands him a sandwich after he eats shit. And he admitted on the show he is never really in danger because the crew is right there. Interesting idea for the show but over the top and set up.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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FCC Chair backs approval of Sirius-XM merger
Monday, June 16, 2008 at 4:36 AM Tags: FCC, Kevin Martin, Merger, Satellite Radio, Sirius, XM
Kevin MartinFCC Chairman Kevin Martin is recommending the approval of the merger between Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc., according to reports.
Aides to Martin told The Washington Post that the FCC chief decided to give his support after Sirius-XM agreed last week to concessions intended to prevent the new company from raising prices or stifling competition.
Martin is expected to issue an order to approve the merger - as early as Monday, according to The Wall Street Journal - setting the stage for a final vote which could occur any time after his recommendation is circulated.
"As I have indicated before, this is an unusual situation," Martin said in a statement. "I am recommending that with the voluntary commitments [Sirius and XM] have offered, on balance, this transaction would be in the public interest."
FCC officials said that XM and Sirius voluntarily agreed to all of Kevin Martin's terms, many of which the companies had originally suggested.
The concessions the companies agreed to are:
* A three-year freeze on prices and packages that include programs from both services. * "A La Carte" programming to be available within 3-months after close of the deal. * Open Device Access, providing technology standards to allow for any device manufacturer to make satellite radios. * Interoperable radios to be available within one-year of the merger. * Set aside 8% of total combined spectrum (12-channels each) for noncommercial, educational and public safety programming - for those who have "not been traditionally represented" in radio, according to the Martin.
The details on how this system would work have yet to be worked out, according to the Associated Press.
The merger also is expected to allow the company to begin servicing Puerto Rico, where neither currently operates.
Thanks to everyone who sent this in!
UPDATE: Noticeably absent from the agreed concessions are iBiquity's proposal to require HD Radios be built-in to satellite radios, and Georgetown Partners' proposal to take 20% of Sirius-XM broadcast infrastructure off their hands. And that's a good thing.
Posts: 5484 | From: St. Paul, Mn | Registered: Apr 2002
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