Wednesday, October 13, 2010
Sirius XM: Hirings, Firings and Negotiations
Talent, therefore, is the key, and a costly one.
Theresa McCabe at thestreet.com reports in 2009 the company reported that it spent $370.5 million on programming and content, which includes the costs to acquire, create and produce content.
Executives are currently in talks with Howard Stern and several other expiring program personalities to negotiate new contract terms. Stern's 5-year, $500 million deal expires in December 2010, and a 7-year, $220 million agreement with the NFL expires at the end of the 2010-2011 NFL season.
Loss of marquee talent is cited as one of the primary risks to Sirius' business. "There can be no assurance that this on-air talent will remain with us or that we will be able to retain their respective audiences," the company said in its annual report. "If we lose the services of one or more of them, or fail to attract qualified replacement personnel, it could harm our business and future prospects."
Read more here.
Posted by Tom Benson at 12:08 AM