Sirius Subscribers Have Less Value

Stock quotes in this article: CMCSA  

Yes, if you view Sirius in the vacuum of Sirius vs. XM, I can see why you might want to make the bet. Mel Karmazin's the best. The team is solid. The churn is low. The take-up is huge. You want to buy things early.

But in the end, there's a finite nature to satellite radio. Understand that I accept that Sirius could have 3 million subs. Or 4 million. Or 5 million.

I just don't want to pay as much as I am now for those numbers when I can buy Comcast for about the same price.

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At the time of publication, Cramer was long Yahoo! and Comcast.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@thestreet.com. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict."

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