WASHINGTON DC: XM Satellite Radio reports a narrowing in its losses during the fourth quarter, just a week after announcing it seeks to merge with rival Sirius [WARC News: 20-Feb-07]. XM lost $263.1 million (€199m; £133.9m) compared with $270.4m during the same period a year ago.
XM, which has yet to emerge from the red, benefited from a reduction in costs and a rise in subscriptions that helped increase revenues by 45% to $257m.
The proposed $11.4 billion deal with Sirius will be scrutinized by the US Congress and media watchdog, the Federal Communications Commission. Currently such a merger is forbidden by antitrust laws.
Data sourced from Financial Times online; additional content by WARC staff