Mergers and Acquistions News
Categories: Media & Information Services
August 21st 2009, 16:08PM
Sirius XM Radio's stocks have increased significantly following a recent merger.
XM Satellite Radio recently completed a merger with Sirius and has benefited from a $250 million (£151 million) injection of secure notes from Liberty Media, which is due by 2015.
PennyStockMoneyTrain.com yesterday reported that the internet radio station's stocks moved up 13.3 per cent in the early day's trading.
The company's stock then moved up 42.1 per cent during the last few trading sessions.
Sirius XM announced second-quarter operating profits of $132 million (£80 million), reflecting the third consecutive quarter of positive adjusted income.
Commenting on the results, chief executive Mel Karmazin said: "Based on these results we are increasing guidance again and expect to exceed over $400 million (£242 million) in adjusted income from operations during 2009.
"Growing our revenue in the face of broad declines in the advertising and automotive markets is a remarkable accomplishment."
Total pro forma revenue for the second quarter was up $608 million (£368 million).
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