Citizens of Boston, you heard some awful news this week. According to reports, rock institution WBCN 104.1 FM will no longer be filling the airwaves with its iconic brand of irreverent broadcasting. Instead, it will live on as a web domain. In its place will be WBMX, a station that was formerly at 98.5 in the FM universe. An all-sports format will take up WBMX's old home. Who can you thank for this? Send all complaints to CBS (NYSE: CBS), the station's owner.

Actually, before you compose a bunch of angry missives, please consider the state of terrestrial radio. Quite frankly, CBS doesn't have a choice. Between the lousy growth prospects for the medium, and the challenged status quo of the advertising market given the terrible global recession that continues to rip through the markets like a hideous beast, changes have to be made. Changes that you thought would never come.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Alcatel-Lucent (NYSE: ALU) shares rose even though it reported a wider loss for the quarter.
• American Express Co. (NYSE: AXP) posted better-than-expected Q1 results but warned of challenges.
• Blackstone Group (NYSE: BX) reported a net loss and slumping revenues for the first quarter.
• Center Financial Corp. (NASDAQ: CLFC) was downgraded following its Q1 earnings report.
• Cisco Systems Inc. (NASDAQ: CSCO) posted lower Q3 earnings that still topped analysts estimates.

With its stock trading at less than 13 cents, you might think the debt-crippled Sirius XM Radio Inc. (NASDAQ: SIRI) would accept any takeover bid that would mean it could avoid bankruptcy.

Apparently, you'd be wrong. The Wall Street Journal reports (subscription required) that satellite mogul Charles Ergen made an unsolicited takeover bid late last year, but was rebuffed by the company and its board of directors. Ergen had reportedly proposed that one of his companies -- either Echostar Corp. (NASDAQ: SATS) or Dish Network Corp. (NASADAQ: DISH) -- provide the company with enough cash for it to avoid a bankruptcy filing.

As each month passes, more and more companies get into the kind of trouble that pushes them toward Chapter 11 or insolvency. Some of the companies that hit that point several months ago include Sirius XM (NASDAQ: SIRI) and Charter Communications (NASDAQ: CHTR).

In the next several months two or three large companies could be added to the list.

Advanced Micros Devices (NYSE: AMD) posted a narrow loss last quarter compared with the same quarter a year ago, but a third of its revenue disappeared. If PC and server sales get worse, its sales could shrink faster than the company can cut costs. The firm's gross margins are dropping fast and AMD has long term debt of over $4.7 billion.

Citigroup (NYSE: C) still faces the prospects that it could be nationalized if it posts more huge losses in the first quarter. Last week, its market cap dropped to $17 billion. A massive capital investment from the Treasury could wipe that equity out.

General Motors (NYSE: GM) may seem like an obvious choice, but its shares could go to zero faster than investors think. If the UAW or creditors walk away from restructuring talks, GM's attempt to cut its costs to get more government assistance based on a plan to be submitted on March 31 would be ruined.

Douglas A. McIntyre is an editor at 24/7 Wall St.

This post is part of AOL Money & Finance's Best & Worst in Money 2008 feature.

There have been big hopes for all the nominees in this category at one time or another, but they've also suffered from questionable management moves of various sorts. So what's to root for in any of these companies?

Circuit City was founded in 1949; back then it was known as Wards Company. The big-box format and Circuit City name came as the result of a series of retail experiments, and became official in 1984. The company was listed on the New York Stock Exchange in the same year. In 1991, the company established a bank to operate its private-label credit card, and later offered a co-branded Visa. Big-box used car retailer CarMax (NYSE: KMX) was also owned by Circuit City at one point. In 2005, the company's board rejected a buyout offer; the company was worth a reported $1 billion then. The next year, Philip J. Schoonover became chairman, and ... well, the rest is history. Circuit City is now in Chapter 11.

Citigroup (NYSE: C) was formed in 1998 from one of the largest mergers in history: banking giant Citicorp and financial conglomerate Travelers Group. The company holds over 200 million customer accounts in more than 100 countries, and includes the investment services brands Smith Barney and Primerica. The company owns prominent, renowned buildings in Manhattan and Chicago, and also won naming rights to the new ball park of the New York Mets. But it was the subprime mortgage crisis that was Citigroup's undoing, resulting in the need for the recent federal bailout.

Okay, let me state clearly at the beginning here that Sirius XM (NASDAQ: SIRI) closed on Monday at $0.27 per share. Right from the start, you know we're talking about a risky stock -- a lottery ticket, as they say. And since our subject is the result of a recent merger, there's a lot of pro forma data located in the press release detailing the satellite-radio company's Q3 performance.

According to that pro forma data, revenues increased 16% to almost $613 million. The pro forma net loss was halved to $0.09 per share. It's funny, because when you look through the numbers, you almost feel compelled to come away with a good feeling about the story. Total subscribers increased 17% on a year-over-year basis, subscriber-acquisition costs decreased, cost synergies are manifesting themselves, and projections for free-cash-flow generation seem to be attractive.

However, one has to realize that an attractive cash-flow statement isn't around the corner. Positive free cash flow should begin on an annual basis in 2010. Plus, Sirius XM management must deal with refinancing its debt. And it did make a $4.8 billion write-down relating to goodwill impairment. Also, the economic problems of auto manufacturers such as Ford (NYSE: F) and General Motors (NYSE: GM) are not helping Sirius XM. If car sales are down, then adoption of the satellite-radio company's programming is challenged. It's a simple relationship.

After setting a new 52-week low, which is actually more like an all-time low, this morning at 21.5 cents ($0.0215), Sirius XM Radio Inc. (NASDAQ: SIRI) shares have soared over 16.6% to 29.17 cents ($0.02917). Yes, it is still traded on the Nasdaq, for now.

It's been rather obvious why Sirius stock has been pounded: the weak economy, declining consumer spending, slowing auto sales, increasing debt combined with difficulty to raise capital -- cashflow problems -- and so on. But it's not that clear why the stock is rising today.

The most obvious reason for the jump in the stock price would be because even the smallest change at these price levels is a considerable percentage jump. That's partly why stocks are usually delisted from major exchanges when they reach, and stay in, penny stock territory. But for now, the Nasdaq has suspended the minimum dollar listing rules until January 16, 2009 as the number of stocks under a dollar has increased four fold the past month.

Another reason why there might be some optimism is a completely unsubstantiated rumor regarding a buyout. Over the years, Sirius has been rumored to be taken over by Microsoft, Apple, Google and CBS among others. Today, one reader suggested Disney is the one rumored to take over the troubled satellite radio company. Needless to say I put very little stock in this.

If a takeover is out of the question, what can Sirius do to save itself? That's been the question on many investors' minds. To meet its cash needs, Sirus needs to raise capital -- by borrowing more money if it can, or issue more stock, as well as cut programming costs -- yes, get rid of talent. Even then its future is somewhat questionable.

Banks are not the only companies in trouble in the current market. Sirius XM (NASDAQ: SIRI) is viewed by some on Wall Street as a dead company. Shares in the firm trade for 95 cents and have been as low as 86 cents recently. Over time, being below $1 could cause a Nasdaq delisting notice.

The newly merged company has over $2 billion in debt. Neither firm ever made an operating profit and Wall St. is unclear about how much money management can take out in a consolidation.

According the The Wall Street Journal, "The company will soon introduce radios that allow consumers more flexibility in the programming, including a 50-channel plan that costs $6.99 a month." Sirius will also bring out a "best of" offering for $4 a month.

Most struggling companies would have trouble facing one challenge. Sirius faces three.

The first is that the current Wall Street environment may make it nearly impossible to re-finance debt or raise more money. The second is that selling programming at a discount may make revenue matters at the company worse. While it could bring in more subscribers, some current customers may "downgrade" to the lower service tier, cutting the company's income-per-subscriber and undermining revenue growth.

The last and most serious trouble may be that satellite radio is not the "hot product" any more. In a world awash with MP3 players and multimedia handsets which run on 3G networks, there may be no place for Sirius to go.

Douglas A. McIntyre is an editor at 247wallst.com.

Bloomberg reports that CEO Karmazin said Sirius XM Radio Inc. (NASDAQ: SIRI) will eliminate executive positions to cut costs. No doubt, after the only two U.S. satellite radio companies merged, there are some redundancies. He also said the company could report $300 million in earnings next year excluding some items.

What's more, Sirius XM will introduce new products. Perhaps these will include what the blogosphere is buzzing about today -- a new Internet application that would stream Sirius XM to portable devices, namely the Apple Inc. (NASDAQ: AAPL) iPhone, as noted by Citigroup's Tony Wible.

Apple's iPod and iPhone products, as well as other digital music players, have been named as competitors to satellite radio by Karmazin himself. If these reports are true, could he be trying to transform them from competitors into boosting the company's user base, creating a complementing, rather than competing, services?