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XM to Cut Costs

XM to Cut Costs

XM Satellite Radio has moved to cut costs in light of the worsening economy. The cuts, likely to its planned $100 million ad campaign, come as the company is slowly rolling out its services nationwide. Company President/CEO Hugh Panero told “The Washington Post” this week XM will “refocus” its marketing strategy and is working on financing deals. XM needs to raise more operating funds for next year.
Panero said XM saved money from its ad budget when it pulled TV ads in its initial rollout markets, Dallas and San Diego, after the terrorist attacks. That money will go towards an ad campaign in Los Angeles, due to begin next Tuesday, he said.
Morgan Stanley and Merrill Lynch recently suggested that XM and Sirius Satellite Radio tighten their belts.