A satellite TV provider chasing the only licensed satellite radio supplier? The Wall Street Journal says “Charles Ergen’s EchoStar Corp. has quietly accumulated a substantial portion of Sirius XM Satellite Radio’s maturing debt” – and calls it a possible “first salvo in an attempt to take control of the embattled company.” There are several possible scenarios, all involving converting the cheaply-bought debt into equity, and leaving current shareholders out of luck. The Journal says that “with about $925 million in debt coming due this year, Sirius is up against a wall.” As for why EchoStar is pursuing it: there could be synergies in the back-office operations between two subscription services. It’s unlikely, though, that the two satellite systems would be compatible.