Wachovia analyst Bishop Cheen makes an appearance in this NYT article on Sirius XM, which is weighed down by Howard Stern’s $500 million contract.
Cheen has some insight for Sirius XM CEO Mel Katzman:
Mr. Cheen, the analyst, agrees with Mr. Karmazin that satellite radio is a delightful product and gives him credit for showing revenue growth amid the economic downturn. “But you don’t have any unlevered, free cash flow, dude,” he says of Mr. Karmazin and his company. “In this environment, how do you walk on water?
