Sirius brings back hip hop; still owes $1 bln
Sirius XM Radio has got a lot of big issues: a huge debt load; its deflated stock price; the auto industry — its biggest source of news subscribers — is hurting; and consumers are shying away from consumer electronics this holiday season.
The company planned to address some of those issues today at its shareholder meeting, hoping to win the right to issue 3.5 billion shares and launch a reverse stock split. Those moves may not fix all of its woes.
To be clear, they are bringing back “The Strobe” and “Backspin”, respectively, Disco and Old School Hip-Hip channels that bit the dust when Sirius last month combined its content with XM’s. The consolidation angered listeners and even sparked a mass cancellation effort.
Most people, save for “hip-hop heads”, have no idea who this respected figure in old school rap is. But for listeners of XM Satellite’s defunct channel “The Rhyme”, her show “Ladies’ First with Monie Love” was a “must-hear”, full of classic jams and special guests. (Think Little Steven’s show for rap crowd).
We will continue to listen to them (subscribers) as we strive to create the best audio entertainment experience available.
– Scott Greenstein, President and Chief Content Officer, SIRIUS XM Radio.
Now about that $1 billion in debt…
Keep an eye on:
- - Live Nation to lose $19 million on U2 share deal (WSJ)
- - LinkedIn founder Reid Hoffman returns as CEO (WSJ)
- - Disney has been sued over a profit sharing contract (LA Times)
(Photos: Reuters, Monie Love’s Myspace page)