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GM/Chrysler Merger Could Be Very Interesting for Sirius [View article]
GM/Chrysler Merger Could Be Very Interesting for Sirius [View article]
Sirius-XM Radio Inc. (SIRI) Chief Executive Mel Karmazin said Tuesday that U.S. auto sales will drive $300 million to $400 million in revenue gains for satellite radio next year even if Detroit has an awful year.
Karmazin noted that half the vehicles manufactured in the U.S. in 2009 will have satellite radio installed. If current trends hold steady, he said, roughly half of the buyers for those vehicles will become paying subscribers for XM-Sirius.
"We'll add hundreds of millions of dollars in revenue even if the auto industry sells only 12 million cars, and that's less than people are expecting even in today's climate," said Karmazin.
The remarks came at a media industry conference in New York, where Karmazin also said he's confident that XM-Sirius will be able to refinance roughly $1 billion in debt that comes due next year despite the financial crisis that's weighing heavily on credit markets.
"I wish the debt market wasn't what it was," said Karmazin. "It's very challenging, but we've been talking to our debt holders and I'm confident we'll be able to work something out."
GM/Chrysler Merger Could Be Very Interesting for Sirius [View article]
The stock will triple today!
GM/Chrysler Merger Could Be Very Interesting for Sirius [View article]