Sirius Posts Wider Loss on Stern’s Compensation

Sirius Satellite Radio Inc. posted a wider first-quarter loss after paying Howard Stern $225 million in stock-based compensation.

The net loss was $458.5 million, or 33 cents a share, compared with $193.6 million, or 15 cents, a year earlier. Sales tripled to $126.7 million, the New York-based company said.

The addition of Stern’s radio show in January helped attract 761,200 new subscribers in the period, outpacing larger competitor XM Satellite Radio Holdings Inc. for a second straight quarter. XM said last week that it added 569,000 subscribers in the period.

Sirius raised its forecast to more than 6.2 million subscribers by the end of this year from an earlier prediction of 6 million. The company had 4.08 million at the end of the quarter.

Sirius shares rose 26 cents, or 5.6%, to $4.88. They are down 27% this year.