Some of this was to be expected. There is no need for redundant
"decades" music channels (i.e.: 50s, 60s, 70s, etc.) on each service,
for example. Eliminating redundant services frees up bandwidth for
other stuff or just improved performance on remaining channels. Or not.
The reverse stock split has to happen. Of course, at the same time
they're going to ask stockholders to approve the sale of new stock to
help cover the debt already incurred. Can't see how those two things
work together, but maybe I don't understand basic economics as well
as I think I do.
Part of me thinks that Karmarzin has been pulling off a gigantic scam
in broad daylight. The absolutely ridiculous sums paid for talent
has allowed those thus paid to run off with a lot of stockholder
money that will never come back. Of course, since I'm a subscriber
as well as an investor (small time, but an investor nonetheless) I am
an enabler.
The idea had great promise. But instead of finding new people with
new ideas, the services turned to refugees from "traditional" radio
to run things. Maybe when all is said and done that will be the
reason this experiment ultimately fails and flames out.
John Figliozzi
On Oct 19, 2008, at 11:46 AM, Joe Buch wrote:
I look for satellite radio broadcaster SiriusXM to have to do a
similar maneuver this winter. They have a mound of debt coming due
this winter which will have to be refinanced in this very scary
credit market. XM recently announced layoffs of about 80 people
from the music programming side. They are considering a reverse
stock split to get the price per share above $1 to avoid NASDQ
delisting. Rumor is that on November 5 they will announce a merged
program stream between Sirius and XM subscribers.
Source <http://www.orbitcast.com/>
Joe Buch
--- On Sun, 10/19/08, Richard Cuff <[EMAIL PROTECTED]> wrote:
From: Richard Cuff <[EMAIL PROTECTED]>
Subject: [Swprograms] Worldspace files for Chapter 11 bankruptcy
To: "Shortwave programming discussion" <[EMAIL PROTECTED]
dx.com>, "Kim Andrew Elliott" <[EMAIL PROTECTED]>
Date: Sunday, October 19, 2008, 1:18 PM
See
http://www.bizjournals.com/washington/stories/2008/10/13/
daily79.html?jst=b_ln_hl
or elsewhere.
They're out of cash...but not out of the woods...their
creditors
agreed to fund them for 90 days.
They say they have 171,000 subscribers; to me, that seems
like a pittance.
--
Richard Cuff / Allentown, PA USA
International broadcasting / shortwave blog:
http://www.intlradio.blogspot.com
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