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Sirius XM to file for bankruptcy??
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sirius.com
That's what it says here.
Howard Stern will have to abdicate his "King of all Media" throne. His $500 million contract helped sink this one.
The music company Muzak also filed bankruptcy today.
Here's Howard's take on it, from www.marksfriggin.com
Howard said he's been reading about this Echostar company trying to take over SIRIUS. Howard said that he thinks that Mel is going to be fighting it off. Howard said that they're apparently trying to buy up all of the debt and SIRIUS has to owe that money to them instead.
Howard said that SIRIUS could file for bankruptcy and maybe get out of the whole thing. He said that if they did that, they'd have to restructure and they wouldn't have to pay off all of the debt. He said that Echostar wouldn't own the company if they did that.
Gary said that if they get 51 percent of the debt then they'd have the power to buy the company cheaper if they did file for bankruptcy. Gary said that it's very risky from what he's read because they ended up buying the debt last.
Howard said he was reading that they could get rid of the contracts and make him renegotiate. Howard said that he'd tell them to f--- off if they did that. Howard said that if they want to renegotiate then it's going to be for more money, not for less.
Robin wondered what they would want with the company. Fred said that they might be after the repeaters. Howard said he can't imagine them killing off the company. He said that they're worth like 2 billion a year in cash. Gary said he read that they want the satellites for something but he's not clear on what that's about.
