XM Subscribers Fall Short
XM Satellite Radio reported a year-end subscriber tally yesterday that fell short of its earlier forecasts, which had already been lowered twice. XM, the larger of the nation's two satellite radio broadcasters, said it ended 2006 with 7.63 million subscribers, almost 1.7 million more than a year ago but short of its most recent prediction of 7.7 million to 7.9 million.
Mediacom May Drop Stations
Mediacom Communications planned to stop carrying 22 network affiliates owned or programmed by Sinclair Broadcast Group of Hunt Valley, Md., at midnight unless Sinclair agreed to binding arbitration of a dispute about how much Mediacom should pay to carry the stations.
High Court to Hear Tellabs Case
The Supreme Court agreed to consider a case that could make it more difficult for stockholders to pursue allegations of securities fraud. The lawsuit involves shareholder accusations that Tellabs and some of its officers and directors inflated Tellabs' stock price by improperly booking revenue and issuing false revenue projections.
Analyst Sentenced Over Trading
Stanislav Shpigelman, a former Merrill Lynch analyst who pleaded guilty to insider trading, was sentenced to 3 1/2 years and one month in prison. The case began when regulators noticed unusually high trading volume before a merger announcement and discovered that a 63-year-old woman in Croatia -- the aunt of one of the defendants -- had made more than $2 million.
At the heart of the scheme was David Pajcin, a former Goldman Sachs analyst who is cooperating with the government, prosecutors said.
Cellphone Firms Dealt Defeat
The Federal Communications Commission has denied all requests from cellphone companies that sought extensions to a federal mandate requiring enhanced 911 systems that allow emergency call centers to locate wireless callers. The wireless carriers were required to have 95 percent of their subscribers equipped with location-capable handsets by Dec. 31, 2005. None did.
U.S. Cellular, Alltel and Sprint Nextel, which had lower penetration rates and lacked suitable plans, were referred for enforcement action by the FCC, according to the agency spokesman.