Karmazin bullish on Sirius XM future
EmptyNewly minted Sirius XM Radio, with 18.5 million subscribers and counting, soon will overtake Clear Channel Communications as the nation's largest radio company, Mel Karmazin told analysts Thursday.
The Sirius XM CEO said the company will add a minimum of 3 million subs from automakers alone next year, generating $350 million in new annual revenue.
Sirius, in its last quarterly financial report as a stand-alone company, lost $83.9 million, less than the $134.1 million it dropped a year ago. Revenue rose 25% to $283 million.
Karmazin also promised radios that can play XM and Sirius would be available in the coming months, earlier than expected. But a la carte pricing, he said, is more problematic. Paul Bond