### Comment:
The introductory and retention pricing they offer is the only thing that keeps their sub numbers rolling. I don’t get how they’re holding up even after taking a big stake in pandora.

### REPLY:
They are the only subscription music/radio business making money. You might want to take a look at the books again.  SAC is relatively high, but ARPU is around $13ish and growing.  In fact, every metric has seen year over year growth since the near bankruptcy in ‘08.  FCF is at 1 bil, and growing.  Cash is king and, with John Malone and Co at the helm, this is a rock solid investment.   
  
 The Pandora stake wasn’t done to save $SIRI.  What are you talking about?

### END.