Sirius XM To Go Bankrupt?
What’s this, Sirius/XM, the merged satellite radio providers that are supposed to be the future of all radio broadcasting, the in car device that is pushed and hyped by dealers across the land and the home of Howard Stern is about to go belly-up?
That’s what the rumors say, and in these turbulent times, especially turbulent for any carmaker or anything auto related, it might not just be too far off from happening.
According to Edmunds, the Auto Observer, AND the New York Times Sirius XM is making preparations for a possible bankruptcy filing. Huh? You’d think they’d have to be doing something fundamentally wrong to get them selves in these straights. Every time I look up, there’s a car advertised that hypes the inclusion of a Sirius/XM set up in its dashboard, but it turns out that hype might just be that: a lot of sizzle, and not much steak.
It turns out that neither Sirius nor XM (when they were separate companies) ever turned a profit, and together they have $3.25 billion in debt, which is a LOT of debt for what amounts to a start up, especially a start up with this much market presence, advertising and hoopla. To make matter worse for them, by the end of February, a bill for $175 million will come due.
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