Sirius XM Offers Projections for 2009

Implications: SIrius XM releases new information post-merger on financials for 2009 and some programming notes about the company.

Analysis: We've not heard a lot of public information on the merged Sirius XM with the exception of a grueling appearance by CEO Mel Karmazin on CNBC's Mad Money program with Jim Cramer.  Speaking in NYC on 9/9, Karmazin offered some new information on the company:

19.5 million subscribers by the end of this year, increasing to 21.5 next year.

Revenues of $2.5 billion in 2008 increasing to $2.7 in 2009, but more importantly an EBIDTA loss of $350 million in 2008 to a positive swing of $300 million in 2009. 

Karmazin also offered some programming options that will allow subscribers to acquire programs offered on each other's services, which include Howard Stern, Oprah Winfrey, and the various sports packages.

Given the FCC conditions and market atmosphere, whether or not Sirius XM can reach these goals is uncertain.  Karmazin commented that after seeing all of the data on XM he is more confident of the ability to pare expenses, resulting in $425 million in synergies.

Obviously, the upcoming holiday season will be critical in seeing how the merged company does at building and retaining subscribers.