From Paul Boutin at Valleywag: "Sirius XM Radio's third quarter results are in: a stupefying $4.88 billion loss. The biggest chunk of that is an impairment charge due to a drop in stock price. Slow auto sales have [also] reduced the number of new customers."That makes me the proud owner of a penny stock. What a shame. Not from the standpoint that I've lost money in my gamble with buying Sirius stock, but because I really do enjoy Sirius. I'm a happy and very satisfied Sirius XM listener through my satellite TV provider, Dish Network. If Sirius XM goes under, I'm not sure what I'll do without my Classic Rewind, Hair Nation, and Buzzsaw (for you non-subscribers, those are rockin' Sirius music channels).
I suspect satellite radio is yet another casualty in this wild global economic downturn. While he's at it, maybe Obama will bailout the sagging satellite radio industry too!
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