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Sirius (SIRI): With Half Of Subscriptions From Car Companies, Satellite Radio Heads To Oblivion
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Approximately half of the subscribers to Sirius (SIRI) satellite radio originally came though new car sales. That channel accounted for about 80% of sales last quarter. With US car sales down 30% last month, Sirius shareholders have another reason to worry about whether the company will survived.
Operating losses and crushing debt already threaten the firm’s future.
Lead by a 45% drop at GM, domestic US vehicles sales fell by a third in October to 838,186 vehicles. There is not much relief in sight between now and sometime late in 2009. That is an optimist’s view.
Sirius shares slipped to $.31 today, down from a 52-week high of $3.94. With the American auto business in deepening trouble, it us hard to see how Sirius remains an independent operation for more than another quarter.
Douglas A. McIntyre
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