Sirius Announces $375M Stock Offering
Jul 29, 2008 (financialwire.net via COMTEX) --
Companies: Sirius Satellite Radio Inc. (SIRI), XM Satellite Radio Holdings Inc. (XMSR)
July 29, 2008 (FinancialWire) Satellite radio company Sirius (NASDAQ: SIRI) (Current Market Cap: US$2.82 Bil.) said that it is conducting a $375.0 million stock offering on the heel of its merger approval with XM (NASDAQ: XMSR).
The announcement came on the same day the satellite radio company said in a preliminary quarterly report that its adjusted loss narrowed, thanks to an increase in subscribers. As of June 30, the company claimed 8.9 million subscribers, 25.4% more than the 7.1 million it had in last year's corresponding period.
Sales rose 25.0%, to $283.0 million, from the $226.4 million reported last year.
XM Satellite Radio Holdings said earlier in the month it added 322,000 new net subscribers in the second quarter for a total of 9.7 million.
FinancialWire" is a fully independent, proprietary news wire service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation from any company for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . The FinancialWire" NewsFeed is available in multiple formats at http://www.investrend.com/XmlFeeds?level=268 . Please address any inquiries to feedback@financialwire.net .
Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
http://www.financialwire.net
Copyright (C) 2008 Investrend. All rights reserved
News Provided by COMTEX
Companies: Sirius Satellite Radio Inc. (SIRI), XM Satellite Radio Holdings Inc. (XMSR)
Related terms: communications, market, merger, nasdaq, radio, sales, satellite
