October 23, 2012 |
Sirius XM Radio Inc. Chief Executive Mel Karmazin will resign from the satellite radio broadcaster on Feb. 1. The move was not unexpected. Liberty Media, the largest shareholder in SiriusXM, is in the process of taking control of the company and Karmazin had previously indicated he would likely leave as a result. Karmazin's contract with SiriusXM expires at the end of this year. He said he is staying on an additional month to ensure a smooth transition. He will also resign from the SiriusXM board.
September 13, 2012 |
After the coffee. Before finding out why I wasn't invited to Fashion Week. The Skinny: I watched about 20 minutes of "The X Factor" and here's my take: More performances (good and bad) and fewer attempts at creating behind-the-scenes drama. Thursday's headlines include the ongoing mystery of who is behind "Innocence of Muslims," Joaquin Phoenix is back at work and SiriusXM chief executive Mel Karmazin may be out of work soon. Daily Dose: Comcast executive Jeff Shell's resume just got a big bump.
September 12, 2012 |
Sirius XM Radio Inc. Chief Executive Mel Karmazin said he would likely leave the company when Liberty Media takes control of the satellite radio broadcaster. Liberty, the largest shareholder in SiriusXM, currently holds just under 50% of the stock and has already told the Federal Communications Commission that it plans to acquire more than that and would like the regulatory agency to approve it as the outright owner when that happens. Speaking at the Merrill Lynch Media, Communications and Entertainment Conference in Beverly Hills on Wednesday, Karmazin said he is willing to talk about staying but added, "If I were Liberty I would say, 'I'm not sure we need Mel.'" Karmazin's contract with SiriusXM is up at the end of the year.
August 17, 2012 |
Liberty Media informed the Securities and Exchange Commission on Friday that it had acquired more than 48% of Sirius XM Radio's shares and intends to push that amount above 50% in order to take control over the New York satellite radio company. Liberty disclosed the plan several months after it failed to persuade the Federal Communications Commission to grant it control over Sirius based on its ownership of 40% of the company's shares. Sirius' chief executive, Mel Karmazin, rebuffed the takeover attempt at the time, saying Liberty's argument that its 40% stake was sufficient to gain control was akin to proclaiming "Forty is the new 50. " Liberty's chairman, John Malone, might have taken that barb to heart.
July 17, 2005
"Rivals, and Friends?" (July 10) was an interesting report on the satellite radio competitors Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. One is dismayed, however, to find that one of the competitors has hired as chief executive an executive from vacuous TV whose entire career has been based upon foisting tasteless entertainment upon the masses. Mel Karmazin, formerly of Viacom Inc., gives meaning to the New York media expression, "No one ever got rich by overestimating the taste of the public."
July 23, 2004 |
The highly unusual employment contract fashioned by Mel Karmazin to protect himself against his meddlesome boss paid off handsomely: The former president of Viacom Inc. collected $35.4 million in bonuses and salary after quitting in June. The nation's third-largest entertainment company disclosed the payment -- and another one of $20.8 million to outgoing Viacom entertainment chief Jonathan Dolgen -- in its second-quarter earnings report Thursday.