Media/Entertainment
- Article Tools
- Email this Article
- Print this Article
- Rss Feed
- Related Articles
- Chin Music for XM
- XM Satellite's Orbit Decaying Fast
- XM Flies in Low Orbit
- Sirius Unfairly Hit by XM's Issues
- Costs Still High at XM
- Del.icio.us
- Digg
- StumbleUpon
Cost-battered XM's XMSR expansion strategy took a hit late Monday when the company ditched a radio spectrum deal. The Washington, D.C., pay radio shop says it has ended a $196 million plan to acquire closely held WCS Wireless. XM blames regulatory delays for the termination of the deal. "With the inability to obtain the necessary government approval for this transaction in a timely manner, WCS Wireless needed to pursue alternatives for its spectrum with greater certainty of regulatory approval," Chairman Gary Parsons said in a press release. WCS Wireless holds wireless spectrum licenses regions of the U.S. that XM was going to use to enhance its own land-based network and deliver advanced mobile services, like video. XM had agreed in July to issue 5.5 million shares to buy WCS. Cash-hungry XM has had some difficulties this year, most recently a charge by a big music industry group of copyright infringement. XM has vowed to defend itself with enormous vigor. The latest legal troubles add to an already turbulent year for XM. Unlike rival Sirius SIRI, XM has been dogged by a series of negative events including a shareholder lawsuit, a big insider stock sale and the dramatic departure of a board member who had been critical of the company's unrelenting cash burn. XM shares are down 35% this year. XM shares sank 46 cents to $16.13 in regular trading Monday, setting a 52-week intraday low at $16.02. They jumped a penny in the after-hours session.
The music industry fires a brushback pitch, sending the stock to a 52-week low.
The stock is off 35% as investors ponder the future.
This stock's recent action is only friendly to the shorts. Plus, how to find an entry point in Terex, and more.
Long-term investors should take a long look at the better-managed half of the satellite radio duopoly.
Revenue doubles but the loss widens, and subscriber acquisition costs remain above year-ago levels.
Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.
Catch up on his thinking on the hottest topics of the past week.
Investors will have to deal with a Fed meeting and another flood of earnings and economic data.
Ensco International and Echelon have the potential to move higher in coming days.
See who made what calls.
The addition of video is helping telecom companies compete against cable and satellite companies.
The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
See who made what calls.
Keep on top of the market and the critical information you need to make more profitable investing decisions.
Sponsored by:
RSS
