It's time to add another cult icon to Sirius XM Radio's (Nasdaq: SIRI) collection of on-air talent.

The satellite-radio giant will begin broadcasting SModcast -- the weekly podcast hosted by edgy movie director Kevin Smith and his producing partner Scott Mosier -- to subscribers. Smith's writing and directing credits include Clerks, Chasing Amy, and most recently Zack and Miri Make a Porno.

No, Smith isn't replacing Howard Stern -- if Stern will even need replacing. This is just another talent grab on Sirius XM's part, and there are plenty of reasons why this shouldn't be interpreted as the satellite radio provider arming itself for Stern's potential departure.

For starters, the show will air on XM -- not Stern's Sirius home. This also isn't a weekday morning gig. Weekly installments will air on Saturday afternoons.

With the exception of a monthly episode that will be exclusive to XM, the slots will be filled by podcasts that can be streamed for free online.

Is that problematic? Sirius XM is turning to content that is actually a free program through Apple's (Nasdaq: AAPL) iTunes. XM will offer drivers convenient access to those who lack smartphones, but we're also talking about Saturday afternoons. This isn't prime commuting time.

I still like the move, because XM can always point to the monthly hour that is exclusive to its premium subscribers. The setup also should give Smith and Mosier the ability to seamlessly promote the XM offering. Rabid fans who tune in weekly -- and SModcast has successfully branched out with several other spin-offs -- may be moved to subscribe to the service to get the whole enchilada. Having a presence in the free realm helps. If Stern still had a very limited presence in terrestrial radio, I believe it would be a positive impact for Sirius for promotional purposes.

Regardless of the uncertainty surrounding Stern's five year contract that expires in December, Sirius XM is humming along smoothly these days. Its stock price is within pennies of a two-year high. The same can't be said of its terrestrial counterparts in Cumulus (Nasdaq: CMLS), Entercom (NYSE: ETM), and Radio One (Nasdaq: ROIAK) (Nasdaq: ROIA).

Everything is trending favorably for Sirius XM, even for a cynical cinematic genius like Kevin Smith.

How do you feel about premium radio content that is freely available elsewhere? Share your thoughts in the comment box below.

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Longtime Fool contributor Rick Munarriz is a subscriber to both Sirius and XM. He does not own shares in any of the companies in this story. He is also a member of the Rule Breakers analytical team, seeking out the next great growth stock early in its defiance.