Sirius XM satellite radio on the verge of bankruptcy

The New York Times is reporting that Sirius XM Satellite Radio is on the verge of bankruptcy. It has hired advisers to prepare for a possible bankruptcy filing.

The firm is a product of a merger of two satellite radio firms - Sirius and XM - who joined together last March. The firm then began by cutting niche programming and focusing on a more mainstream audience like the controversial replacement of punk radio with an all-AC/DC show.