James Delahunty
4 Jan 2008 17:43
Sirius Satellite Radio managed to hit a previously set target by growing its base of subscribers to 8.3 million before the end of 2007. This represents a 38% increase in overall subscribers. In a statement, Sirius said it added 2.3 million net subscribers in the year, making it the highest number of gross subscriber additions in the entire history of the company.
"Based upon preliminary financial data, we expect to report significantly greater positive free cash flow in the fourth quarter of 2007 than the company reported in the fourth quarter of 2006," said Mel Karmazin, chief executive of Sirius, in a statement on Thursday.
At the beginning of 2007, Sirius revealed that it was aiming to add 2 million subscribers during the year in order to reach over 8 million in total. XM Satellite Radio said early last year it expected to end the year with between 9.0 and 9.2 million subscribers in total. Sirius is currently in the process of potentially acquiring XM.
Source:
Reuters