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XM, Sirius extend merger agreement
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| XM, Sirius extend merger agreement
- Click HERE to go to the original thread with graphics
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| pluckinstrings |
Either shit or get off the pot.
With no news from regulators and a merger agreement set to expire this weekend, Sirius Satellite Radio and XM Satellite Radio have agreed to buy themselves a little more time.
"The companies have agreed not to exercise their rights to terminate the merger agreement until May 1," the companies said in a joint statement without commenting further.
The $4 billion all-stock merger is still waiting on approval from the Department of Justice and the Federal Communications Commission. The two agreed to merge in February 2007 and had set March 1, 2008 as a deadline.
The companies want to merge to cut expenses and turn profitable sooner than they might alone. Critics have said the merger would stifle competition by creating a satellite radio monopoly.
XM Satellite (NASDAQ: XMSR) earlier this week reported a smaller fourth-quarter loss as it gained more subscribers. Revenue was up 20 percent. Sirius (NASDAQ: SIRI) also reported smaller losses and a 29 percent gain in revenue. XM ended the quarter with just over 9 million subscribers, compared to Sirius' 8.3 million.
XM chairman Gary Parsons said on an earnings conference call his company is "fully funded to be a standalone business" should the merger not be approved.
http://news.moneycentral.msn.com/ti...420&Symbol=SIRI |
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| Leroy Jenkins |
| They merged? Come on, if they merged howard would have talked about it |
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| willmw |
| No merger yet, just the original time frame for merger ran out...and they extended it. |
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| MisterMeener |
Sirius is going down and sinking fast. Goto the SEC web site and search for Sirius and check out the 10 k html annual report Sirius filed on 2/28. The link I posted don't work sorry.
Its a long read but alot of info on the trouble at Sirius and Merger. They need this merger to even survive much longer.
From the Annual Report:
Our business might never become profitable.
As of December 31, 2007, we had an accumulated deficit of approximately $4.4 billion. We expect our cumulative net losses to grow as we make payments under various contracts, incur marketing and subscriber acquisition costs and make interest payments on our existing debt. If we are unable ultimately to generate sufficient revenues to become profitable, we could default on our commitments and may have to discontinue operations or seek a purchaser for our business or assets.
:drown: |
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