A billion dollars in debt and shares trading at lower than .30 cents. Will Sirius survive?
From Digital Music News...
"After a long, painful merger approval process, Sirius Satellite Radio finally joined forces with XM Satellite Radio this summer. The marriage was largely motivated by difficult finances, as both companies were swimming in baths of debt.
Fast-forward a few months, and a serious debt overhang threatens to submerge the freshly-merged Sirius XM Radio. The company is staring down at least $1 billion in short term refinancing obligations, a situation that comes against a bone-dry lending terrain. That situation, coupled with a serious financial downturn, has pushed shares of SIRI below 30-cents in recent trading.
It has also raised questions on whether Sirius can survive the financial storm."
More at http://www.digitalmusicnews.com/stories/102608sirius
David Nevue
The Music Biz Academy
http://www.musicbizacademy.com
http://www.davidnevue.com
http://www.twitter.com/davidnevue
Monday, October 27, 2008
Will Sirius XM Survive?
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1 comment:
Hi David-
Great blog! I came across it today, as I have been doing extensive research for a client (Audiolife, www.audiolife.com) that is launching a new technology specifically to "empower indie and unsigned" artists--basically allowing them to create, design, and distribute digital and physical merch and promo items using a virtual and digital storefront. This "widget" can be placed on any social networking site, blog, or website--pretty cool! It's like having a physical store but on the web--and no up front costs to the artists.
In regard to your post...big record labels are "so yesterday" and innovators and artists alike are saying "no more".....the accessibility and brilliance of social networking and technology is certainly changing the face of the music industry.
This is a psuedo-comment, psuedo pitch....as I couldn't find your contact info on the site. We'd love for you to review the technology and let us know your thoughts--you are definitely an expert with regard to music promotion and would value your feedback. If possible, perhaps we could even snag an interview for our blog?
Please email me: Rebekah@SmartGirlsConsulting.com
Thanks!
Rebekah K. Iliff
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