Wednesday, December 06, 2006

TheStreet.com Comments On Karmazin At UBS

Karmazin Strikes Back
By Scott Moritz Senior Writer12/6/2006 2:01 PM EST

Sirius (SIRI) CEO Mel Karmazin shrugged off the pay radio broadcaster's subscriber-guidance disappointment Wednesday, saying the company's growth rate remains "extraordinary."
Speaking at a Credit Suisse media and telecom conference in midtown Manhattan, Karmazin defended Sirius' prospects, even in the wake of Monday's year-end user-roll target cut.
"I don't see it as a slowdown," Karmazin said of the slow post-Thanksgiving retail sales rate that caused New York-based Sirius to trim its year end subscriber target to around 6 million from the previous 6.2 million.
He reiterated comments that even at a slower growth rate, 2006 will be Sirius' best year ever and the fourth quarter will rank as the year's second-best quarter. Karmazin said the best-ever quarter was the first quarter of 2006, which benefited from the addition of shock jock Howard Stern.
Karmazin noted that Sirius is expected to post revenue of $1 billion next year, up from this year's $600 million-plus, and that only two free radio companies are that big.
"I'm not sure I understand what the problem is," Karmazin said of Sirius' growth rate...read more: here

12/06/2006 02:35:00 PM

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