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NEW YORK, Aug. 16 (UPI) -- Investors in XM Satellite Radio and New York's Sirius Satellite Radio have called for a merger of the two companies after both posted disappointing numbers.
On the recent Hollywood Reporter/Bloomberg 50 Entertainment Stock Index, the satellite radio companies finished in two of the bottom three slots, prompting investors to suggest a merger as a possible solution for the flagging companies, said The Reporter.
Since Mel Karmazin became Sirius' chief executive officer in November 2004, the company's stock price has fallen from $4.72 a share to $3.75 as of Monday, causing it to come in third from last on the stock index.
With XM Satellite's stock falling 34.65 to $11.01 over the same time period, the suggestion of a merger could prove to be a needed move for both sides, The Reporter said.
Experts have suggested that merging the companies would eliminate bidding wars over high-quality entertainment and do away with customer rebates intended to attract subscribers -- two major sources of losses for both companies.
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