By Annie Barrett
Updated February 11, 2009 at 08:16 PM EST
Howard Stern
Credit: Jim Spellman/

EchoStar Corp., which has been buying near-term debt owed by Sirius, may seek to acquire the struggling satellite radio company. The New York Times reports that Sirius XM has hired advisers to prepare for a possible bankruptcy filing within the next few days. With $5 billion in assets, Sirius XM’s would be the second-largest Chapter 11 filing of 2009. Service is unlikely to be interrupted, but the company may need to terminate pricey contracts with on-air talent like Howard Stern, pictured (who was paid $100 million per year) and Martha Stewart.

addCredit(“Jim Spellman/”)