February 11, 2009

Sirius XM Expected to File for Bankruptcy

Sirius XM is preparing to file for Chapter 11 bankruptcy protection, according to a report from the New York Times. The report quotes sources close to the deal as reporting that Sirius has been working with restructuring expert Joseph A. Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a bankruptcy filing.

Can't say I didn't see this coming more than six months ago (see commentary) or even from a post almost a year ago. I hope you don't take your investment advice from that mad man on CNBC's "Mad Money."

Here are some questions that remain:

"When will the economy recover so folks can buy cars already equipped with HD radios?" (because the diversified programming on Satellite radio did garner an audience and HD2, HD3 stations would provide a home for that programming)

"Will Wi-Fi Internet Radio Streams become more popular than terrestrial radio?";

And of course "Will Howard Stern retire from radio?" Because XM Sirius Satellite radio is done like Chris Brown's career.

The problem is that radio will see the failure of Sirius XM as some sort of validation of their business and programming model, which in turn will cause them to sit on their collective fat corporate behinds and continue to do business as usual. While listeners are asking for so much more from their radio.

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