Just when you thought things couldn’t get much worse (see: Live Nation Entertainment and the end of the world), comes news that the country’s biggest and online satellite radio company, Sirius XM, may be on the verge of filing for bankruptcy. According to a report in yesterday’s New York Times, the company, which formed after the two satellite serves merged last summer, currently finds itself laden with $3.25 billion in debt and is preparing for a bankruptcy filling. The company’s high-profile salaries and the faltering car industry are among the factors behind its recent failures

While the ultimate effect on customers is currently unknown, the Times goes onto speculate that if the company does indeed file for bankruptcy, it will certainly mean the end of many high-priced talent, such as Martha Stewart and Howard Stern.

One possible solution for Sirius XM’s problems would be a possible takeover by EchoStar. The TV satellite company, which currently owns over $400 million of the aforementioned debt, is reportedly interested in negotiating a deal that would allow the company to instead take over Sirius XM, rather than take them to bankruptcy court. However, at this point, nothing appears imminent.

As dreary as all this sounds, you could always look at it on the plus side. You’ll have plenty of extra cash to spend on service fees once your subscription to Sirius XM becomes nonexistent.