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FCC, FTC Investigate XM Questions

FCC, FTC Investigate XM Questions

Some less-than-favorable headlines for XM this week. According to the Associated Press, the satellite company reported a wider first-quarter loss and also disclosed that federal regulators were probing its marketing practices.
XM “disclosed in a regulatory filing Thursday that the Federal Communications Commission found that one of its products, the Delphi XM SKYFi2, wasn’t in compliance with transmitter emission standards,” AP reported.
“It also said the Federal Trade Commission was investigating whether its marketing practices were in line with rules governing telemarketing, the Truth in Lending Act and other statutes. The company said in the filing that it received both inquiries on Tuesday and was cooperating fully with them.”
XM lost $151.4 million in the quarter compared to $122.1 million at this time last year. The company said it added about 569,000 net subscribers and finished the quarter with 6.5 million compared to 3.7 million a year ago.