Karmazin: Sirius Met Easy Black Friday Goals, Not Cutting Subscription Rates (SIRI)


How did satellite radio company Sirius XM (SIRI) do on Black Friday? Depends how you look at things.

“We did exactly what we wanted to do for Black Friday,” CEO Mel Karmazin said today, “which is not great news because we didn’t have high expectations.”

Karmazin says Sirius is on track to grow Q4 revenues in the double digits, percentage-wise, according to Reuters. Analysts expect Sirius to post $627 million in Q4 sales, which would represent 12% pro-forma sales growth.

Mel also said:

  • He “is confident the company can refinance debt due in 2009.” ($1 billion worth.)
  • Sirius “will also be able to boost revenues in 2009 and has no immediate plans to cut its subscription prices.”
  • He also “ruled out any interest in selling Sirius XM in the near term.” “We don’t feel that we need to be acquired,” he said. “You should assume the company is not for sale.”

Karmazin spoke at Reuters’ media summit, which is not open to non-Reuters journalists.

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