WorldSpace, the international satellite radio operator, is facing several critical weeks. This week, it was announced that the company had been given an extra month to find $17.7 million to repay its creditors, and now has until 30 June to come up with the money. Noah Samara, Worldspace’s founder, Chairman and CEO, described the financial situation as “challenging”.
But the situation at WorldSpace got even worse when two of its directors decided to quit. Neither have given any reason for their decision, so it’s no clear if it is a direct result of the company’s financial problems. The loss of the two is a blow to the company’s prestige. Dr Michael Nobel is chairman of the Nobel Family Society, and a senior consultant to UNESCO. Dr Frank Juergen Richter is founder/president of Horasis-The Global Visions Community, and a former director of the World Economic Forum.
(Sources: WorldSpace/Rapid TV News)
on Jun 8th, 2008 at 07:47
Also, Indian government would be taking 4% of the revenue of Satellite radio in India,
http://economictimes.indiatimes.com/News/News_By_Industry/Media__Entertainment_/Govt_okays_74_FDI_cap_on_satellite_radio/articleshow/3100987.cms