Wall Street fecha semana sem rumo. Grandes tecnológicas pressionam

[rasteiro]

Penso que tens toda a razão, mas todos os negócios têem risco, e uns correm bem e outros não, é o jogo da BOLSA.
Não sei se telembras á cerca de 2 a 3 semanas atrás, ela também veio a 0.22, e no espaço de 3 dias foi aos 0.52.
É claro que não á dias iguais, mas vou esperar e não reforçar.
Vou deixar passar a NUVEM NEGRA que neste momento está a atingir o MUNDO INTEIRO.

Abraços, e obrigado pela tua opinião

Não acredito que ela venha a falir....

Mas já não digo nada, o pior é que neste momento estou com um preço médio de 0.25, e não sei se heide estar quietinho ou reforçar, mas pouco.

Abraços

Quem a viu e quem a vê a agora.

Olá rasteiro,

Olhando para o gráfico (e falando técnicamente) não há dúvidas, esta acção está nas lonas, é uma PAD.

A tua jogada é uma jogada de alto risco, vais contra uma forte tendência bear e ainda pensas em reforçar.

Claro que o risco da jogada também depende da tua posição, mas estás numa posição de risco, declaradamente.

Será que vale a pena "reforçar"?
Vais estar a reforçar o risco, e expões ainda mais a tua carteira.

Claro que pode haver um ressalto e se tocar nos 0,5 tens um ganho de 100%.

O reverso da medalha é que se ela se continuar assim vais perder muito.

Achas que ela vai mudar assim de repente?
Fundamentos e tal, notícias fusões, dívidas, estratégias e afins... são ruído e esperança...

Livra-te disso pá!, que eu se fizesse o que digo não estava falido.

Abraço



PS: Isto é só uma opinião (não vá a PAD valorizar 1000% em 2 dias...)



EDIT:PS

[Crómio]

Não acredito que ela venha a falir....

Mas já não digo nada, o pior é que neste momento estou com um preço médio de 0.25, e não sei se heide estar quietinho ou reforçar, mas pouco.

Abraços

Quem a viu e quem a vê a agora.

Olá rasteiro,

Olhando para o gráfico (e falando técnicamente) não há dúvidas, esta acção está nas lonas, é uma PAD.

A tua jogada é uma jogada de alto risco, vais contra uma forte tendência bear e ainda pensas em reforçar.

Claro que o risco da jogada também depende da tua posição, mas estás numa posição de risco, declaradamente.

Será que vale a pena "reforçar"?
Vais estar a reforçar o risco, e expões ainda mais a tua carteira.

Claro que pode haver um ressalto e se tocar nos 0,5 tens um ganho de 100%.

O reverso da medalha é que se ela se continuar assim vais perder muito.

Achas que ela vai mudar assim de repente?
Fundamentos e tal, notícias fusões, dívidas, estratégias e afins... são ruído e esperança...

Livra-te disso pá!, que eu se fizesse o que digo não estava falido.

Abraço



PS: Isto é só uma opinião (não vá a PAD valorizar 1000% em 2 dias...)



EDIT:PS

[rasteiro]

nada dessa resposta!
Ou é o português que está mal escrito, ou sou eu mesmo que não percebi.


Abraços

rasteiro, eu pergunto é se no mundo há algum odelo de negócio do género de sucesso? E quando faço de sucesso não é com ouvintes, é com lucros.

Um abraço,
Ulisses

[Ulisses Pereira]

rasteiro, eu pergunto é se no mundo há algum odelo de negócio do género de sucesso? E quando faço de sucesso não é com ouvintes, é com lucros.

Um abraço,
Ulisses

[rasteiro]

Não acredito que ela venha a falir....

Mas já não digo nada, o pior é que neste momento estou com um preço médio de 0.25, e não sei se heide estar quietinho ou reforçar, mas pouco.

Abraços

Quem a viu e quem a vê a agora.

[José_P.]

Aqui está muito bem explicado o que está a acontecer à Sirius, e o que pode vir ou não acontecer, nos proximos dias, para o melhor ou para o pior...

"Who'll Blink First: Sirius, Loral or the Banks?

Conspiracy theorists will love this article. There are many who feel that Sirius XM Radio (SIRI) stock is heavily manipulated. In many ways, it is hard to argue against that stance. However, like many things in life, it is hard to find the smoking gun, and thus the debates begin.

Sirius XM Radio has a $100,000,000 credit facility with Loral Space (LORL). The credit was established for payments to Space Systems Loral on Sirius XM’s FM-5 and FM-6 satellites. Okay, conventional thinking states that the line of credit can not be drawn on to pay down the February debt. While this is true, there are provisions for Sirius XM to draw against payments already made. Simply stated, they could take back every nickel they have paid into the satellites and use it as working capital. Further, they could continue to draw on the facility to keep the satellite construction rolling along.

THE CATCH

Sirius XM needs to decide on whether or not to use the credit facility by December 19, 2008 (the day after the annual shareholder meeting). But Sirius XM also needs to have a market cap of at least $1,000,000,000 to borrow.

According to the Space Systems Loral 10Q for Q3 2008:

“…Under the Credit Agreement, Sirius may borrow up to an aggregate principal amount of $100 million to make milestone payments under the Satellite Purchase Agreement for the purchase of the Sirius FM-5 and FM-6 Satellites (the “Sirius Satellites”) or, on or prior to December 19, 2008, to reimburse itself for milestone payments it has previously made with its own funds. Loans made under the Sirius Credit Agreement are secured by Sirius’ right, title and interest in its rights under the Satellite Purchase Agreement, including its rights in and to the Sirius Satellites. The loans are also entitled to the benefits of a subsidiary guarantee from Satellite CD Radio, Inc. and any future material subsidiary that may be formed or acquired by Sirius, other than XM Radio and any other subsidiary designated as an “unrestricted subsidiary” under the indenture governing Sirius’s 9 5 / 8 % senior notes due 2013….”

According to Sirius XM’s 10Q:

“…The Loral Credit Agreement contains certain drawing conditions, including a requirement that SIRIUS have a market capitalization of at least $1 billion. Any loans made under the Loral Credit Agreement generally will bear interest at a variable rate equal to three-month LIBOR plus 4.75%….”

Simply stated, there is a substantial credit line available that could give Sirius XM Radio some much needed breathing room, but the clock is running short, and the market cap is too low. The market cap here at .26 cents is $855,000,000, a good $145,000,000 shy of the credit facility requirement. What does it take to get above $1,000,000,000? A stock price of .31 cents.

This is where the conspiracy theorists will go nuts. Sirius XM Radio seems stuck in its current range. Each day that passes with a market cap below $1 billion is another day where the hands of Sirius XM are tied. With the deadline only a few weeks away, and the stock price not cooperating, it is little wonder that the Board and Management are looking at several viable options. Those that feel the company is not thinking things through can rest assured that management is well aware of the situation. What we have is hesitant banks, and a deadline of December 18th on a credit facility. Someone has to blink first. Loral’s own $100,000,000 credit facility is through JP Morgan (JPM), so it is possible that somehow an arrangement between Sirius XM, Loral, and JP Morgan could be arranged, but time is getting critical.

Because of the credit facility, it is my opinion that Sirius XM will want to be able to announce some sort of refinancing prior to December 19th, in hopes that the market cap will appreciate by then, allowing the company some flexibility in their cash situation.

Is someone deliberately holding Sirius XM stock below .31 cents? The conspiracy theorists will say so, and while there is no smoking gun, it is hard to argue against their stance. The bigger question is whether Mel can exert his influence to get the financing done and see an appreciation in the stock price that will allow more room to maneuver.

All that being said, there is still no guarantee that Sirius XM has any intention of using the facility, but the leverage comes from being able to use it, not necessarily from actually doing so.

Position: Long SIRI.
"
Tyler Savery, seeking alpha. 16-11-08

[Ulisses Pereira]

acintra, a questão que eu coloco é: Se a Sirius tivesse 100 vezes menos acções no mercado e estivesse a 20 dólares, terias a mesma tentação?

Um abraço,
Ulisses

[acintra]

Eu não acredito que a SIRI vá a zero, mas todo o cuidado é pouco. Estive para entrar de novo, devido a ter apresentado melhoria nos resultados do 3Q e de já ter descontado tb neste Q a compra da XM. Se mantiver as vendas no 4Q podemos talvez ver a sua inversão. Até o proprio Cramer que enterrou a SIRI, começou a mudar o discurso. Estou tentado mas ainda bem que não tive coragem porque tem descido desde que sairam os resultados.

By Henry Blodget
November 18, 2008: 07:49 PM ET


(alleyinsider.com) -- A friend approached us with a potential stock pick this afternoon: Sirius (SIRI) on the theory that it had gone so absurdly low ($0.20) that it couldn't go any lower and would probably soon go to $0.30, resulting in a 50% gain. We suggested our friend instead hoard his hard-earned cash.

Could Sirius go to $0.30? Of course. Could it also go to zero? Yes.

Mel Karmazin's company currently has an equity market capitalization (value of the stock) of $650 million. It also $360 million of cash and $3.3 billion of debt, so its "enterprise value"--the implied value of the business itself--is about $3.7 billion. The only thing that has to happen for Sirius (SIRI) stock to go to zero is for the market to conclude that the company is worth less than $3 billion. This would wipe out the company's stock value, leaving the company in the hands of the debt-holders.

Why might the market soon conclude that Sirius is worth less than $3 billion? Because it's running out of cash. In the first 9 months of this year, Sirius had negative free cash flow (cash from operations - capex) of $300 million. $360 million of cash won't last long at that burn rate.

Sirius's stock is now low enough that it will be hard to raise capital by selling stock, and we can't imagine who would be willing to lend the company money right now. That means the company's cash cushion is likely to get dangerously low, perhaps forcing Sirius into a highly dilutive equity deal that will put additional pressure on the stock. So it's not hard to see how the stock could go to zero (or close to it).

[Elias]

e agora fico quieto ou tento baixar o preço médio?

Baixar o preço médio é uma estratégia suicida.
Porque não consideras outros títulos?

Será que esta empresa está tão mal assim?

O mercado lá sabe...

[rasteiro]

e agora fico quieto ou tento baixar o preço médio?
Já vão a 0.20.
Será que esta empresa está tão mal assim?
Já agora esta menina já distribuiu alguma vez dividendos?

Obrigados

Abraços

Desde a última troca de posts, a Sirius já caiu mais 20% está agora nos 21 cêntimos.

Qualquer dia está negativa

[Elias]

Desde a última troca de posts, a Sirius já caiu mais 20% está agora nos 21 cêntimos.

Qualquer dia está negativa

[Elias]

Quando te vier uma forte vontade de comprar uma penny-stock...

olha para o gráfico da PAD e fica a contemplá-lo até que a crise passe

[rasteiro]

seria sempre perto dos minimos que ela fez.
Mas se tocar nos minimos, talvez faça novos minimos, e depois é reforçar, e reforçar, e ela sempre a descer.
OK, vou ficar quietinho, e ver a têndencia do mercado na próxima semana.


Abraços

A estes preços será bom reforçar, ou esperar a ver o rumo que ela vai ter?

Estou dentro a 0.31 e 0.29.

Abraços

rasteiro, reforçar em posições perdentes não é uma boa estratégia.

se queres comprar algo é preferível considerares outras opções

[Elias]

A estes preços será bom reforçar, ou esperar a ver o rumo que ela vai ter?

Estou dentro a 0.31 e 0.29.

Abraços

rasteiro, reforçar em posições perdentes não é uma boa estratégia.

se queres comprar algo é preferível considerares outras opções

[rasteiro]

A estes preços será bom reforçar, ou esperar a ver o rumo que ela vai ter?

Estou dentro a 0.31 e 0.29.

Abraços

[Elias]

Concordo Ulisses.

Só uma pergunta: o split a que fazes referência foi a fusão com a XM? Ou há aqui algo que me escapa?

1 abraço,
Elias

[Ulisses Pereira]

Elias, aqui está mais um belo exemplo de como uma acção pode cair muito mais do que se imagina. Há 3 meses atrás, depois de meses de quedas brutais, foram vários os investidores que mergulharam de cabeça na acção por o risco parecer pequeno. Estava, na altura, a acção a 1,5 dólares (valores já actualizados pelo "split"). Hoje, está abaixo de 0,3 dólares.

Afinal o risco era grande e este é um belo exemplo para muitas entradas nos dias que correm.

Um abraço,
Ulisses

[Elias]

Actualização ao gráfico.

[acintra]

Rasteiro, aqui vai alguns comentários que podem ser uteis.

By Rick Aristotle Munarriz
November 4, 2008 Comment (2)

More about SIRI
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BROWSE ALL SIRI ARTICLES
Sirius XM Radio (Nasdaq: SIRI) is getting the Led out.

The satellite radio giant launched a Led Zeppelin channel over the weekend, playing songs from the iconic rock quartet in its commercial-free format between now and the end of December. The channel's rollout coincides with this month's release of a boxed set of the band's albums on vinyl-replica CDs.

Sirius and XM do this all of the time, of course. Artist-specific channels come and go. However, Led Zeppelin Radio is different: It will broadcast on both Sirius and XM. Duplicating content is an easy way to save on programming costs.

This isn't the first time that Sirius XM has used its new post-merger bargaining power to create programming that will play on both XM and Sirius receivers. The company struck a deal with sports-talk radio host Chris "Mad Dog" Russo this summer for a show that airs on both networks.

However, the Zep's channel debuts as the company is trying to get subscribers to each service to pay a premium to receive top content from the rival network, under the new "Best of Both" plan. The more Sirius and XM begin sounding the same, the less likely anyone will be to pay extra for both Sirius and XM.

Turn the page, plant a tree
Naturally, Sirius XM knows where to draw the line. It won't be offering Howard Stern for free on XM, or Oprah Winfrey for free on Sirius. However, creating too much overlap in talk content and musical play lists can be detrimental in setting the XM and Sirius brands apart.

That brings me back to a line in Led Zeppelin's signature "Stairway to Heaven."

Yes, there are two paths you can go by, but in the long run
There's still time to change the road you're on.

Consumers have been paying $12.95 a month for access to XM or Sirius, but the goal now is to get subscribers to pay $4 more to receive a cross-section of the best content from the other channel. Upgrading a subscription-based plan is tricky. Netflix (Nasdaq: NFLX) is in the process of charging subscribers $1 more for access to Blu-ray rentals. TiVo (Nasdaq: TIVO) is maintaining its monthly rate, even as it tacks on new features.

XM and Sirius would love to milk $4 more a month from their $13-a-month members, but that's a high price to pay, given the limited amount of time that many subscribers spend in their cars. Satellite television providers like DirecTV (NYSE: DTV) and cable giants like Comcast (Nasdaq: CMCSA) can command larger ransoms, because folks spend more time at home than on the road. Free terrestrial radio is also more diverse than what a TV viewer can get out of a rabbit-eared antenna set.

Hope springs eternal
Another hurdle in the company's plans to get subscribers to pay more is concern over the company's viability as a business.

If there's a bustle in your hedgerow, don't be alarmed now,
It's just a spring clean for the May queen.

Ah, the May queen. Sirius has to pay back $350 million in XM bank debt in May. It also has a $300 million convertible tab due three months earlier, and a larger $400 million repayment by year's end. With more than $1 billion in repayments next year, the market seems to believe that the "spring clean" at Sirius XM will come in the form of filing for bankruptcy protection. That would likely wipe out its shareholders, but Sirius and XM would continue to broadcast during the reorganization.

When she gets there she knows, if the stores are all closed
With a word she can get what she came for.

Closed stores are a problem for Sirius XM. Its receivers haven't been selling briskly at the retail level, leaving the company to rely on incentivized auto manufacturers to push the factory-installed receivers. It also doesn't help that consumer electronics chains like Circuit City (NYSE: CC) that used to sell plenty of XM and Sirius receivers when they were hot a few holiday seasons ago, are closing down stores. Circuit City announced the closing of 155 stores this week.

The carmaker shift is fine, until you realize that General Motors (NYSE: GM) posted a whopping 45% plunge in U.S. auto sales last month. Adding insult to injury, have you seen the new GM Cadillac ads, promoting the car's 40-gig hard drive? Satellite radio and CD-ripping aren't the same, but it's just one more gadget to give a commuter less time to tune in -- and justify -- a satellite radio subscription.

The last laugh
With shares of Sirius XM down to $0.31 each, it's easy to assume the worst. In fact, I have. However, it's also easy to see the desperate bullish argument come together at this very inopportune moment for the company.

A consumer-facing company will do anything it can to avoid bankruptcy, to keep subscribers around. Survival will likely mean massive share dilution, but there is still upside to a company that was worth substantially more as a stand-alone company with a fraction of today's 18.6 million subscribers.

It's that glimmer of bullish hope that leaves me with one last "Stairway to Heaven" nugget:.

And a new day will dawn for those who stand long
And the forests will echo with laughter.

[Elias]

A Sirius continua a afundar-se e já quebrou os mínimos de 2003 ao cotar a 36 cêntimos na passada sexta-feira.

[acintra]

Estou tentado a entrar de novo na SIRI, se existir a aprovação dos 700B. Caso saia a aprovação, alivia a tensão do 1B que a SIRI tem de pagar em 2009 e podem rescalonar a divida á banca. Na primeira votação e quando se pensava que iria passar subiu a 1.02, mas mal se soube que foi chumbado os 700B, deu um grande tombo.

De qualquer forma tenho umas duvidas que gostava que me ajudassem:

* Quando é a actualização das accções no Nasdaq?
* As acções com valor inferior a 1.00 saem automáticamente?
Li uns artigos mas não consegui perceber e caso seja afirmativo, pode ser um grande condicionante para a SIRI.

[Elias]

Já parece a saudosa PAD...

[Elias]

A sirius continua a fazer novos mínimos, já vai abaixo de 1,30.

Convém lembrar que os mínimos de 2003 foram feitos nos 38 cêntimos de USD, por isso ainda tem muito para cair

[acintra]

Será que os 1,50 é um bom valor para uma nova entrada? O finaciamento da SIRI foi efectuado através da venda neste valor e que mais tarde vai comprar de novo. Se os bancos aceitam estes valores para mais tarde vender, penso que será uma boa indicação. Alguem quer comentar?
Sai ontem a 2,22 e a pensar que podia ter ganho mais. Ainda bem que não esperei porque hoje devia começar a levar cacetada.

July 29, 2008: 07:30 AM EST


NEW YORK, July 29 /PRNewswire-FirstCall/ -- SIRIUS Satellite Radio Inc. (Nasdaq: SIRI) -- announced today the pricing of the previously announced offering of shares of its common stock. A total of 262,399,983 shares of common stock are being offered, which shares will be lent by SIRIUS to affiliates of Morgan Stanley & Co. Incorporated and UBS Investment Bank, the share borrowers, pursuant to share lending agreements between SIRIUS and each of the share borrowers. Of the 262,399,983 shares offered, 183,679,988 shares are being offered at a fixed price of $1.50 per share and the remaining 78,719,995 shares are expected to be offered from time to time after the fixed price offering at prevailing market or negotiated prices. While the borrowed shares will be considered issued and outstanding for corporate law purposes, SIRIUS believes that under U.S. generally accepted accounting principles currently in effect, the borrowed shares will not be considered outstanding for the purpose of computing and reporting earnings (loss) per share because the borrowed shares are required to be returned to SIRIUS.

The common stock offering is being conducted concurrently with a private offering by XM Satellite Radio Inc. of $550 million aggregate principal amount of 7% Exchangeable Senior Subordinated Notes due 2014 ("Notes") which will be exchangeable into shares of SIRIUS common stock at an initial exchange rate of 533.3333 shares of Sirius common stock per $1,000 principal amount of Notes, subject to adjustment in certain circumstances. The Notes have not been registered under the Securities Act or any state securities laws and may be offered or sold only to qualified institutional buyers in conformity with the requirements of Rule 144A under the Securities Act.

Morgan Stanley & Co. Incorporated and UBS Investment Bank will act as sole underwriters for the sale of the borrowed shares. A prospectus can be obtained by contacting Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014; Attention: Prospectus Department or by email at prospectus@morganstanley.com or by contacting UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, (888) 827-7275.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to SIRIUS Satellite Radio Inc. are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission. Among the significant factors that could cause our actual results to differ materially from those expressed are: our pending merger with XM Satellite Radio Holdings, Inc., including related uncertainties and risks and the impact on our business if the merger is not completed; any events which affect the useful life of our satellites; our dependence upon third parties, including manufacturers of SIRIUS radios, retailers, automakers and programming providers; and our competitive position versus other audio entertainment providers.

SOURCE SIRIUS Satellite Radio Inc.

[acintra]

By a vote of 3-2, regulators gave formal approval to the merger of the nation's only two satellite radio operators, following a16-month-long drama.

Last Updated: July 25, 2008: 10:01 PM EDT


Sirius Satellite Radio Inc.'s $3.3 billion buyout of rival XM Satellite Radio Holdings Inc. will mean 18 million-plus subscribers will be able to receive programming from both services. Executives say it will mean huge cost savings that will lead to a first-ever profit for the relatively nascent industry.

The Federal Communications Commission voted 3-2 to approve the buyout, with the tiebreaker coming Friday night from Republican commissioner Deborah Taylor Tate.

Tate had insisted that the companies settle charges that they violated FCC rules before she would approve the deal. The companies agreed this week to pay $19.7 million to the U.S. Treasury for violations related to radio receivers and ground-based signal repeaters.

FCC Chairman Kevin Martin confirmed the final vote Friday night. "I think it's going to be, in the end, a good thing for consumers and be in the public interest," he told The Associated Press.

The approval appeared to hit a glitch on Friday when a dispute surfaced between the chairman and Tate over the violations, but differences between the two were quickly resolved, and the approval went forward.

The long-running regulatory review was watched closely by exasperated investors anxious for a resolution as well as satellite radio customers with questions about what impact the merger would have on their service.

The approval was a major blow for the land-based radio industry, which lobbied hard against the buyout. It was also opposed by consumer groups, various members of Congress and state attorneys general, all of whom argued a satellite radio merger would hurt consumers and was not in the public interest.

"They kept each other on their toes," Democratic commissioner Jonathan Adelstein said of the two companies. "I hope they keep their edge and don't become a fat and happy monopoly." Adelstein voted against the buyout as did fellow Democrat Michael Copps.

Joining Martin and Tate in approving the deal was Republican commissioner Robert McDowell. The companies said the combination would create hundreds of millions of dollars in cost savings and lead to greater choice in programming for subscribers and flexible pricing options. T

ate released a statement Friday night praising the commission's decision to punish the companies for rules violations before acting on the merger and supporting pro-consumer conditions imposed on the deal.

Under the terms of the consent decree, XM will pay $17.5 million and Sirius will pay $2.2 million to resolve interference complaints and violations related to land-based signal repeaters the companies operate to deliver programming.

The final merger agreement did not require the combined company to include a chip in its radios that will allow customers to receive digital signals from land-based radio stations, which would have helped the land-based radio industry. Tate, who was lobbied intensely by the industry in the final weeks, said she "could not in good conscience support a government-mandated requirement on the backs of American consumers at this time."

Martin said the agreement is nearly identical to what he circulated among other commissioners when he first recommended approval for the deal a month ago.

The companies first applied for permission to combine in March 2007. The Justice Department approved the deal in March of this year without conditions, saying the companies don't really compete because customers must buy equipment that is exclusive to either XM or Sirius, and subscribers rarely switch providers.

DoJ also agreed with the companies' argument that they compete with other forms of audio entertainment, including digital radio, Internet-based radio stations and even devices like Apple Inc.'s iPod. FCC approval faced a steeper climb because the companies were prohibited from combining under terms of their licenses.

The agency struggled to come up with a way to show that allowing a satellite radio monopoly was in the public interest. The companies voluntarily agreed to a set of conditions, including a three-year price cap and an 8 percent set-aside of "full-time audio channels" for public interest and minority programming.

They will also adopt an "open radio" standard that may lead to a greater variety of features in radios and greater competition among manufacturers. Sirius and XM also have promised to include a limited "a la carte" offering that would be available within three months of the close of the deal and allow listeners to pay only for the channels they want to receive.