Sirius XM Radio ( SIRI) reported a pro forma fourth-quarter loss of $248.5 million, narrower than a pro forma loss of $405 million a year earlier as revenue gained and subscribers rose.

On a GAAP basis, the loss in the fourth quarter was $245.8 million, or 8 cents a share.

Adjusted fourth-quarter income from operations on a pro forma basis was $31.8 million, compared with an adjusted loss from operations of $224.1 million in the fourth quarter of 2007.

Revenue in the quarter on a pro forma basis rose 16% to $644 million.

Subscribers to the company's satellite radio service at the end of the 2008 rose 10% to 19 million subscribers from 17.3 million in 2007. The company added 82,945 net new subscribers in the fourth quarter, compared with 1.1 million net additions a year earlier.

The fourth quarter was the company's first full quarter of combined operations following Sirius's acquisition in July 2008 of XM Satellite Radio.

Last week, Sirius said it closed a $530 million investment deal with Liberty Media and extended the maturity of certain debt coming due in two months, to 2010.

The completion of the deals gives Sirius XM about a year's breathing room. While the satellite radio's service is popular, it has been struggling under a heavy debt load. It faced a bankruptcy filing if it couldn't refinance or pay off debt coming due this year.
Copyright 2008 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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