A serious glance at Sirius XM Radio Inc (NASDAQ:SIRI)
Sirius XM Radio Inc (NASDAQ:SIRI) has been on a rollercoaster run with dealing with its rivals and now some more storm clouds seem to be headed its way. The Turtles have sued the company for infringing copyrights. The band has alleged that SIRI played its songs without its permission. They have filed the lawsuit at The Superior Court in Los Angeles.
The complaint has charges of federal copyright law violations and misappropriation. The Turtles have sued the company for damages worth $100M. If SIRI loses the case, it will be another thing for it to worry about. Sirius has been playing numerous pre-1972 recordings without really bothering too much about copyright terms or the law. Since the year 2011, SIRI has also discontinued paying any royalties for recordings that are older than 1972.
The refinancing effort
SIRI has announced the official-retirement of a whopping $750M which was due in 2015 at an 8.75% /annum interest-rate. What has probably helped the company to enhance its cash-flow is foreign financing that comes at a very attractive 5.75% interest rate. The one real debt-related issue that the company faces is the toxic convertible-debt, at a 7% rate, that is due in 2014. Towards the end of the previous quarter, SIRI had an impressive cash pile and $652M worth of equivalents.
Sirius XM Radio Inc (NASDAQ:SIRI) has announced that it will be broadcasting the
95th PGA championship. This is the last major golf championship for the season. The championship will be covered live from Rochester’s Oak Hill Country Club. John Maginnes and Earl Forcey will be the hosts of the event while roving-hosts will provide hole-to-hole updates.
SIRI broadcasts music, entertainment, sports, new, traffic, comedy and weather channels in the U.S on a subscription-fee basis via its 2 satellite radio systems. Subscribers are also able to receive some channels over the web and mobile devices.