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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Sirius has trouble also
2/17/2006 11:54:32 AM
Sirius Satellite Radio just posted a large loss as well. Competition is good for consumers, but these two are so busy trying to out do each other they are going to run themselves out of business.
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