Sirius XM shares are up about 6% mid-day after the company said that a January price hike will help next year’s revenues grow 10% to about $3.3B while its free cash flow will rise 75% to about $700M. CEO Mel Karmazin is salivating over the satellite radio company’s first price increase in a decade, to $14.49 a month from $12.95. Karmazin told the Bank of America Merrill Lynch Media, Communications and Entertainment Conference that although the economy is “very sloppy,” Sirius XM expects to end this year with about 22.2M subscribers — up more than 7%, a higher increase than the company saw in 2010.
Sirius XM Looks For Strong 2012 Profit Growth After 11.9% Price Increase
What's Hot on Deadline
Hollywood Cowardice: George Clooney Explains Why Sony Stood Alone In North Korean Cyberterror Attack
'The Interview' Release Would Have Damaged Kim Jong Un Internally, Says Rand Expert Who Saw Movie At Sony's Request
More From Lieberman
- North Korea “Responsible” For Sony Hack, FBI Confirms
- Paramount Cancels 'Team America' Showings, Theaters Say
- Movie Theater Stocks Rebound After Chains Jettison 'The Interview'
- Lionsgate Sought Deal Talks With Sony Hacked Emails Reveal
- 'The Interview' NYC Premiere Canceled
- Barry Meyer Named To Federal Reserve Bank's Board In San Francisco