Sirius XM Radio Inc. today provided an update on the company's guidance for 2008-2009, and a detailed breakdown of expected 2009 synergies, in addition to revealing the "Best of" packages.Subscriber Guidance
The company expects to end 2008 with approximately 19.5 million subscribers and to end 2009 with approximately 21.5 million subscribers.
Revenue
Sirius XM expects to post pro forma revenue of approximately $2.4 billion in 2008 and to post revenue of approximately $2.7 billion in 2009.
Adjusted EBITDA
Sirius XM expects a pro forma adjusted EBITDA loss of approximately $350 million in 2008 and reiterated its previously stated financial guidance of approximately $300 million in positive adjusted EBITDA for 2009.
Synergies
Sirius XM announced it is increasing its estimate of net synergies to $425 million in 2009.
A line item breakdown of the expected 2009 synergies will be available in a Form 8-K that the company is filing today.
"We have made great strides over the last six weeks and continue to make progress integrating the company and delivering on our promises to customers and stockholders," said Mel Karmazin. "We are finding significant cost savings on every line item of the P&L and are beginning to realize these synergies already. Sirius XM also continues to be one of the strongest growth stories in media, with pro forma revenue growth of approximately 17% in 2008."
just hope its enough
to get the share price
poping in the upper tier
This is really, really hard to believe. $1? WTF.
At some point Mel has to annouce exactly what and who are getting cut to reach those "Synergies"
Not another dime. Canceled service today.
Rumor says that the programming "synergies" start next month with all the channels changed over by November. Say goodbye to XM's live programming, hello to 24/7 voice tracking. They will all sound like Sirius, because they will be Sirius!
Yeah, personally, I liked XM better at $12/share than I do at $5/share. But that's just me.
Where are all those guys who were telling us how great it was going to be after the merger? About how the stock price would soar, and how Wall Street loved Mel and how great it would be? Where's Muscle and his estimate of 25 or 30 million subscribers?
People won't even buy this turkey at $1.25 a share.
I don't know that I've seen a management destroy a company the way Parsons, Davis did this one. When Panero was easing out I thought things would turn around; little did I know they were getting rid of the wrong person.
The redio this screen is very embllishing.
Reduce that $425 million by the severance packages giving to the Exec's that are leaving. Nate Davis will be walking away with $10 million alone.
Mel and his staff should take NO pay and show their support. Showing support does not mean buying shares with a company funded loan.