The holding company for North America's recently merged satellite-radio networks promises "synergy" from the merger in 2009. But today, the company is short of cash to pay upcoming debts, and is looking into bank financing — which is scarce, given the credit crunch. The radio business is different from the Web: Sirius XM only expects to grow its 20 million customer base around 10 percent next year, but that's way more than Clear Channel and other maxed-out FM broadcasters can hope to add.

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