(Associated Press via NewsEdge) Sirius Satellite , which has agreed to acquire its rival XM Satellite Radio, reported a narrower loss for the fourth quarter as revenues more than doubled.
Sirius had a net loss of $245.6 million in the last three months of 2006 versus a loss of $311.4 million in the same period a year earlier. Revenues more than doubled to $193.4 million from $80 million a year earlier.
Analysts polled by Thomson Financial were expecting a loss of $0.19 per share on revenues of $173 million.
Sirius, which is based in New York, ended the year with just over 6 million subscribers, 82% higher than the 3.3 million it had a year earlier. Sirius has agreed to buy its Washington, DC-based rival XM in a combination that would create one large provider of satellite radio services, but the deal, which the companies announced last week, will face tough regulatory scrutiny in Washington.
The companies describe the transaction as a merger of equals, but Sirius is paying a premium for XM's stock, and the new company will be run by Sirius' CEO Mel Karmazin while XM's CEO Hugh Panero is departing.
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