Station ownership rules could constrain certain buyers like CBS and NWS, which own a large number of TV stations. However, we believe it's possible that UVN could spin-off or sell the TV station business separately from the networks or the conglomerates.

228

[We] feel management needs to give more transparency on churn expectations and true cost of Stern.

181

To reach break-even on Stern, we estimate Sirius requires 2.4 million incremental subscriptions.

137

We believe people are choosing satellite radio due to its differentiation from terrestrial radio and are not joining simply because of a single programming option.

130