Sirius Satellite Radio (SIRI) dropped to another multi-year low today hitting $3.14 in intra-day trading, down almost 2%.

The profound pessimism about both the company’s merger with XM Satellite (XMSR) appears to be growing, as do concerns about whether the combined company can compete with operations like Apple (AAPL) iTunes, which has just cut a deal with EMI to allow its music to be downloaded without digital rights management.

Howard Stern costs more money that a $1.29 song download, or so it would seem.

Douglas A. McIntyre