Director at XM Resigns as Possible Crisis Looms
February 17, 2006 11:00 AM
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Pierce Roberts Jr - Courtesy AP
Soaring marketing costs are one of the reasons that a director at XM Satellite Radio has decided to resign from the company
Pierce Roberts Jr., the director for XM Satellite Radio has recently stepped down citing constant disagreements with the other board members on issues critical to the company. Roberts also gave a warning that says XM may be facing a crisis in the future if the company cannot properly cut spending, as the company's fourth-quarter loss was greater than initially reported. Analysts have revealed the fourth-quarter loss now stands at a whopping $268.3 million. Higher costs have been due to marketing and the dire need to continually recruit new listeners.
XM is currently the largest U.S. pay-radio service, but has an unclear future in which Sirius Satellite Radio is making XM nervous. The stock now sits at $23.98, and has dropped 29 percent in the past year.
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Hope all is well
2/17/2006 11:49:56 AM
I just got XM for my father for Christmas and he says it's the best gift he's ever recieved... What does "critical" mean, cause he'd be heartbroken if they failed.
RE: Hope all is well
2/17/2006 1:13:55 PM
I was one of the early adopters of XM. I had it about 3 months after it debuted. I love it, I just hope it survives.
I think his fears are a little overblown.
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