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Echostar Looking to Acquire Sirius XM?


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45 replies to this topic

#1 OFFLINE   DustoMan

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Posted 05 February 2009 - 09:46 AM

Read a story on Orbitcast that Echostar has been acquiring portions of Sirius XM's debt that is coming to maturity soon. They speculate that Echostar maybe looking to acquire the satellite radio broadcaster. What say you?

http://www.orbitcast...s-xm-radio.html
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#2 OFFLINE   xmguy

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Posted 05 February 2009 - 10:25 AM

source; Orbitcast.com

"
According to the Wall Street Journal, Charles Ergen's EchoStar Corp. has been accumulating substantial portions of debt from Sirius XM Radio Inc. in what could be the first move in an attempt to take over the company.


Charles Ergen, who himself is the 87th richest man in the world (net worth of $9.5 billion) and controls a satellite empire surrounding Dish Network and EchoStar, has recently acquired part of the $300 million of Sirius XM debt that matures on February 17th, according to WSJ's sources.

Sirius XM has worked down the total debt to about $175 million, but it isn't clear whether Ergen participated in that exchange. The Wall Street Journal reports that Ergen could also be buying up the senior bank debt due in May.

Edited for possible copyright violation. More at the link below.

Edited by Richard King, 05 February 2009 - 11:04 AM.
Potential copyright violation.

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#3 OFFLINE   hdtvfan0001

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Posted 05 February 2009 - 11:00 AM

That's a mountain load of speculation there....

Put another way....a whole lotta ducks needed in a row...:D
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#4 OFFLINE   Richard King

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Posted 05 February 2009 - 11:02 AM

Link to story:
http://www.orbitcast...radio.html#more
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#5 OFFLINE   Richard King

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Posted 05 February 2009 - 11:21 AM

http://blogs.wsj.com...er-bring-it-on/
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#6 OFFLINE   Richard King

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Posted 05 February 2009 - 11:24 AM

merged threads
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#7 OFFLINE   haloguy628

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Posted 05 February 2009 - 02:56 PM

Ergen's EchoStar buys Sirius debt

From Denver Post

Sirius XM Radio Inc., the satellite- radio broadcaster, rose as much as 43 percent in U.S. trading on a Wall Street Journal report that EchoStar Corp. bought a stake in its maturing debt.

EchoStar, the satellite-television group run by Charles Ergen, acquired part of a $300 million tranche maturing Feb. 17, the Wall Street Journal reported, citing people familiar with the matter. It isn't clear if Ergen participated in a debt-for-equity exchange that cut the debt outstanding to about $175 million, the Journal said.

Sirius XM advanced 5 cents to 19 cents at 10:21 a.m. New York time in Nasdaq Stock Market composite trading after rising as high as 20.4 cents, a two-month high. Before today, the stock had slumped 91 percent since the merger of Sirius and XM Satellite Radio Holdings Inc. was completed in July.

The company is facing about $925 million in debt repayments this year. Over the past month, the broadcaster has been exchanging debt for shares to reduce the debt due in two weeks. The stock has traded below $1 since Sept. 20 on investor concern that Chief Executive Officer Mel Karmazin may not be able to manage the debt and meet growth projections.

Echostar may be pursuing a plan to use the debt as a way to control Sirius XM inside or outside of bankruptcy, the Journal reported.

Patrick Reilly, a spokesman for Sirius XM, didn't immediately return a phone call and an e-mail seeking comment, neither did Kathie Gonzalez, a spokeswoman for EchoStar.



#8 OFFLINE   jacmyoung

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Posted 05 February 2009 - 03:20 PM

Charlie can use that three geostationary satellites.

#9 OFFLINE   BJK

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Posted 05 February 2009 - 04:31 PM

This also received mention on CNBC today.

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#10 OFFLINE   djlong

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Posted 06 February 2009 - 08:23 AM

There are more than 3 satellites. The XM side of Sirius XM had 4 satellites (Rock, Roll, Rhythm and Blues) and I think an on-ground spare. The Sirius side had at least 3 satellites in an inclined orbit and I don't know how many (if any) spares.

#11 OFFLINE   Ken S

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Posted 06 February 2009 - 08:59 AM

It appears that Echostar (Owner of Dish Network and Sling) is making a run at controlling SiriusXM.

http://www.washingto...9020502150.html

Just noticed this post was moved from the Sirius XM forum to the Dish Network area...Sirius XM is not a Dish Network product or service. I would think this news really belongs in the other forum.

Edited by Ken S, 06 February 2009 - 12:48 PM.


#12 OFFLINE   rocatman

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Posted 06 February 2009 - 03:44 PM

Another factor is that Dish could gain launch slots this year for perhaps the E-14 and E-15 satellites. Sirius has a satellite scheduled to be launched on a Proton in early June of 2009 and XM has a tentative launch by Sea Launch at the end of this year. The current Sirius and XM satellites on-orbit are not that old, less than 10 years so a delay should not effect current services. It would all depend if Dish satellites would be ready to go. Dish could also allow the Nimiq 5 satellite to move up its launch date from early August to early June on the Proton and Dish could launch E-14 in early August. As a side note, the Sirius and XM satellites are S-band not Ku/DBS band. In addition, Dish has a S-band satellite in storage, the one that they were building for the Chinese to support the 2008 Summer Olympics that was never launched.

#13 OFFLINE   Dolly

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Posted 06 February 2009 - 05:16 PM

It appears that Echostar (Owner of Dish Network and Sling) is making a run at controlling SiriusXM.

http://www.washingto...9020502150.html

Just noticed this post was moved from the Sirius XM forum to the Dish Network area...Sirius XM is not a Dish Network product or service. I would think this news really belongs in the other forum.

Well Dish does have the Sirius radio channels, but Ken S for once I agree with you. This needs to be in the Sirius XM Forum first and if a thread is wanted in this Dish Site have one here as well. It's interesting Mr. King is a Dish customer and Dish's owner could be trying to wipe out Sirius XM which Mr. King also has. It certainly is a small world, isn't it? This is my one and only post in the Dish Forum. I'm not a Dish customer so I don't think I belong in this Forum. However, I am a Sirius XM
customer and since this thread was moved here this is where I had to post.

#14 OFFLINE   ThomasM

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Posted 06 February 2009 - 08:35 PM

This is terrific news! I am a Sirius-XM and DirecTV sub so if this happens I'll probably have Sirius-XM AND a new digital audio service on DirecTV. (You really don't think DirecTV will keep Sirius-XM audio channels if Echostar takes over do you? :D

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#15 OFFLINE   Dolly

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Posted 07 February 2009 - 04:46 AM

This is terrific news! I am a Sirius-XM and DirecTV sub so if this happens I'll probably have Sirius-XM AND a new digital audio service on DirecTV. (You really don't think DirecTV will keep Sirius-XM audio channels if Echostar takes over do you? :D

I hate to put this in the Dish Forum, but since the thread was moved here I have to post it here. Personally I think DirecTV had better keep it's eye on Charlie because at this point it isn't possible to really know what he is up to :rolleyes:

#16 OFFLINE   Richard King

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Posted 07 February 2009 - 07:28 AM

Not that this is on topic, but this ended up here because there were links and stories posted in both forums. All posts got merged into the thread here since it is Echo "buying" SiriusXM, not the other way around. I also left a forwarding link in the other forum to this thread. (I'll go ahead and sticky that link if I can so that it doesn't roll off the page).

Back to the topic at hand.

Edit: can't sticky, but it won't roll off the page anytime soon.
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#17 OFFLINE   Richard King

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Posted 07 February 2009 - 07:33 AM

Personally I think DirecTV had better keep it's eye on Charlie because at this point it isn't possible to really know what he is up to :rolleyes:

That's why I sold my stock in Dish a while back. He's totally unpredictable and, I think, has been making some sirius (;)) mistakes lately.
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#18 OFFLINE   SamC

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Posted 07 February 2009 - 08:36 AM

I am no expert, and would be interested in someone that is commenting, but there is no way to repurpose the XM or SSR system for video. And the FCC and CRTC would have to approve repurposing, and thus the shut down of XM or SSR, anyway. So a buy would not be of the sats, but of the, still grossly unprofitable, services.

If that is so, then good luck to him. The Market may just be saying that it does not have a critical acceptance number for SR in it.

#19 OFFLINE   Christopher Gould

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Posted 07 February 2009 - 05:32 PM

I am no expert, and would be interested in someone that is commenting, but there is no way to repurpose the XM or SSR system for video. And the FCC and CRTC would have to approve repurposing, and thus the shut down of XM or SSR, anyway. So a buy would not be of the sats, but of the, still grossly unprofitable, services.

If that is so, then good luck to him. The Market may just be saying that it does not have a critical acceptance number for SR in it.


Sirius is already doing video. The market already has enough numbers to make profit, the problem is the debt. If there was no debt(because of management mistakes over spending) satellite radio would be making a profit.

#20 OFFLINE   Richard King

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Posted 09 February 2009 - 08:43 AM

http://www.reuters.c...usbusinessearly
Sirius got, and rebuffed, Ergen bid: report

(Reuters) - Satellite mogul Charles Ergen made an unsolicited offer late last year to take control of Sirius XM Radio Inc, and was rebuffed, the Wall Street Journal said, citing people familiar with the situation.

Ergen proposed for one of his satellite companies -- EchoStar Corp or Dish Network Corp -- to inject enough capital into Sirius for it to meet its debt obligations and avoid a bankruptcy filing, the newspaper cited the people as saying.

More...
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