Monday, February 26, 2007

Howard 100: Mel Stops By To Chat

Karmazin Talks XM/Sirius Merger With Howard Stern
February 26, 2007, www. fmqb.com

Sirius Satellite Radio CEO Mel Karmazin was on The Howard Stern Show today discussing the proposed merger with XM Satellite Radio. Karmazin was on for over an hour, tackling topics related to the merger. When asked how the merger came about, Karmazin said, "The big catalyst, and I hate to admit this, because I'm really disappointed in how our stock has performed, is the fact that the stock prices have gotten so low that when you take a look at the value creation of a merger, it becomes something that neither company could ignore."
Karmazin stressed similar themes found in last week's press conference announcing the merger, stating he thinks it will be approved because they aren't competing with XM, but rather with all the other audio entertainment options. He also pointed out that terrestrial radio annual reports list satellite radio as a competitor...read more: here

Click here to listen to the interview (54 minutes)