With the aim of tapping into the one of the most popular consumer products in the market, Sirius XM Radio Wednesday introduced a $120 dock - XM SkyDock - that virtually transforms Apple's iPhone or iPod Touch into a satellite radio receiver; thereby enabling the users of these devices to listen to premium satellite radio programming!

Sirius XM announced Wednesday that the contract of CEO Mel Karmazin’s employment has been extended through the end of 2012. Under the new deal, Sirius XM has escalated Karmazin's base salary to $1.5 million a year, from $1.2 million.

The new agreement also provided Mel Karmazin with options exercisable at 43 cents per share.

On Thursday, Sirius XM launched a new iPhone application on the Apple App store - the download is likely aimed at the creation of a new potential user base, as it is for the first time that Sirius XM will be available on the iPhone and iPod Touch!