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.

But the company has at least addressed one other festering problem. They are bringing back Monie Love in January.

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.

Rapper and Radio Host Monie Love

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).

CEO Mel Karmazin at the Reuters Media Summit suggested that tough times call for tough programming choices. This week Sirius seemed to say “Look! we are flexible!”

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)

If you’re an old Sirius or former XM subscriber who lost one or more of your favorite channels after the two satellite radio companies merged earlier this year, CEO Mel Karmazin has a message for you: Tough luck, it’s for the greater good.

Karmazin told reporters at the Reuters Media Summit in New York that the two companies had taken the best of breed in each music channel genre from either Sirius or XM as part of a $400 million cost saving drive.

“We’re going to pick the best channels,” said Karmazin. “We’ve gotten hundreds of people who hated it and claimed they were going to cancel. So we’ve analyzed all the cancellations since the rationalization…It’s hard for me to understand what they don’t like.”

“If we took the most aggressive number of people who cancelled and we take that (away) the $120 a year (they pay) it doesn’t get to a $1 million as compared to the significant amount of cost savings as a company that needs to make money,” said Karmazin.

Our colleague Franklin Paul said he was upset with the loss of his favorite classic hip-hop channel, The Rhyme. So Karmazin made his best pitch to an old school B-boy.

“We have other hip hop channels,” coaxed Karmazin.

“You as a subscriber, though you may miss your channel, you need to make sure we make money because you want us to be around so we can invest in programming and we can provide you with all these services,” said Karmazin.

In other words, deal with it.

(Photo: Reuters)