Sirius XM Gets A Half A Billion Bailout Loan
Recently announced, Sirius XM is to receive a bailout loan from Liberty Media for 530 million dollars. Liberty Media is the parent company of Direct TV and expects a 15% interest rate in 3.5 years time. At the present, Sirius XM has about 20 million customers and clears about 2 billion dollars a year, but never turns a profit. Some say that’s largely due to the fact that their talent is so expensive. Howard Stern alone gets 100 million a year. No idea what Martha Stewart gets but I’m sure she’s pricey. Any how, I don’t see many more people subscribing to satellite radio with the advent of internet radio apps for phones and in dash receivers coming soon to market.