The new home of shock jock Howard Stern, Sirius Satellite Radio, is reporting a widening loss of 311 (m) million dollars for the fourth quarter of 2005. The loss of 23 cents a share is a penny worse than forecast, partly because of rising costs for getting subscribers.
During the same period a year ago, Sirius lost nearly 262 (m) million dollars or 21 cents a share.
Revenues more than tripled to 80 million in the fourth quarter.
Both Sirius and its larger rival X-M Satellite Radio are spending aggressively to expand their programming. They both charge about 13 dollars a month for dozens of channels of commercial-free music, as well as talk, news and sports. They also require special receivers.
Sirius reports costs for acquiring new subscribers more than doubled from the same period a year earlier. It ended 2005 with three-point-three (m) million subscribers, triple the level from a year ago.
Yesterday, X-M also reported a wider-than-expected loss and saw its shares drop after a director resigned warning of a "looming crisis."