Sirius XM released details of its subscription price increase and issued its 2012 guidance Wednesday, and the stock market showed its general approval by pushing its share price up by 6.8 percent.

CEO Mel Karmazin confirmed the basic Sirius and XM Select subscription would rise not quite 12 percent, from $12.95 to $14.49 a month, effective January 1, 2012. Other programming packages will also increase an unspecified amount. He previously had told analysts that the price would go up more than inflation.

This works out to about a nickel more per day and still represented “great value,” Karamazin pointedt out. He also noted it was the first time the subscription price had changed since the service began to offer NFL, NASCAR, Howard Stern, Martha Stewart and other programming.

The company reaffirmed its 2011 guidance, expecting revenue near $3 billion, free cash flow of almost $400 million, and adjusted EBITDA of about $715 million. For 2012, Sirius XM forecasts revenue growing 10 percent to about $3.3 billion, free cash flow growth of 75 percent to $700 million, and 20 percent growth in adjusted EBITDA to $860 million.

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