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Sirius Names Mel Karmazin New CEO
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| Sirius Names Mel Karmazin New CEO
- Click HERE to go to the original thread with graphics
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| sternshownet |
Edit: Sorry, this was already posted . I did a search, but apparently spelled Mel's name wrong when I did it.
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Big news for Howard, et al!
For Sirius to land a major power in the media industry like Mel is a real coup for them.
http://story.news.yahoo.com/news?tm...a_sirius_ceo_dc
LOS ANGELES (Reuters) - In the latest migration of a mainstream radio heavyweight to the fledgling satellite industry, Sirius Satellite Radio Inc. (Nasdaq:SIRI - news) on Thursday named former Viacom Inc. President Mel Karmazin as its chief executive officer.
New York-based Sirius said current CEO Joseph Clayton would remain chairman as radio veteran Karmazin takes the helm of a company already buoyed by its recent deal to bring aboard one of Karmazin's biggest former talents at Viacom, ribald radio host Howard Stern.
Karmazin, who was Stern's longtime benefactor and supporter at Viacom, left his post as president and chief operating officer of Viacom in June in a management shake-up of the media conglomerate.
Shares of Sirius rose over 20 percent in after-hours trade in response to Karmazin's appointment, hitting $5.75 from a Nasdaq close of $4.72.
Analysts hailed the appointment, particularly in light of recent concerns about Sirius' heavy spending for promotion and content deals, including its five-year, $500 million agreement with Stern.
"We think Karmazin is an outstanding leader and exactly what Sirius needed. Karmazin keeps a keen eye on expenses, and he's also an outstanding salesman and promoter," said Kit Spring, analyst with Stifel, Nicolaus and Co. Inc.
Stern is due to quit Viacom Inc.'s (NYSE:VIAB - news) Infinity Broadcasting and move his daily radio program to Sirius in January 2006, though speculation has persisted for weeks that his Viacom contract may be bought out sooner.
"I think this is the dream team getting back together. Stern and Karmazin were incredibly successful at Infinity and can help give Sirius market momentum," Spring added. "He's going to drive the company's ability to promote Sirius -- the one thing Sirius suffers is a lack of brand awareness."
Sirius' is No. 2 in the subscription-based radio business modeled on cable television behind market leader XM Satellite Radio Holdings Inc., (Nasdaq:XMSR - news) which is on track to reach 3.1 million subscribers by the end of the year.
Late Last month, Sirius missed Wall Street expectations by posting a wider-than-expected loss, but noted its subscriber base quadrupled.
Sirius added 181,948 subscribers in the third quarter ended Sept. 30, and said its total subscriber base exceeded 700,000 on Oct. 18. It expects to hit the 1 million mark by the end of this year.
The New York-based company posted a third-quarter net loss of $169.4 million, or 14 cents per diluted share, compared with the year-earlier quarter's net loss of $106.7 million, or 11 cents per diluted share.
Its revenue rose to $19.1 million from $4.3 million in the year-earlier quarter. |
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| EnderGT |
Huge news.
Funny considering that Mel thought there was "no future" in satellite radio. |
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| amishkowboy |
good news for Sirius stockholders too.
I love Howard even more now that he's making me money... |
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| DFWSternFan1975 |
Quote: Originally posted by sternshownet
Edit: Sorry, this was already posted . I did a search, but apparently spelled Mel's name wrong when I did it.
************
Big news for Howard, et al!
For Sirius to land a major power in the media industry like Mel is a real coup for them.
http://story.news.yahoo.com/news?tm...a_sirius_ceo_dc
LOS ANGELES (Reuters) - In the latest migration of a mainstream radio heavyweight to the fledgling satellite industry, Sirius Satellite Radio Inc. (Nasdaq:SIRI - news) on Thursday named former Viacom Inc. President Mel Karmazin as its chief executive officer.
New York-based Sirius said current CEO Joseph Clayton would remain chairman as radio veteran Karmazin takes the helm of a company already buoyed by its recent deal to bring aboard one of Karmazin's biggest former talents at Viacom, ribald radio host Howard Stern.
Karmazin, who was Stern's longtime benefactor and supporter at Viacom, left his post as president and chief operating officer of Viacom in June in a management shake-up of the media conglomerate.
Shares of Sirius rose over 20 percent in after-hours trade in response to Karmazin's appointment, hitting $5.75 from a Nasdaq close of $4.72.
Analysts hailed the appointment, particularly in light of recent concerns about Sirius' heavy spending for promotion and content deals, including its five-year, $500 million agreement with Stern.
"We think Karmazin is an outstanding leader and exactly what Sirius needed. Karmazin keeps a keen eye on expenses, and he's also an outstanding salesman and promoter," said Kit Spring, analyst with Stifel, Nicolaus and Co. Inc.
Stern is due to quit Viacom Inc.'s (NYSE:VIAB - news) Infinity Broadcasting and move his daily radio program to Sirius in January 2006, though speculation has persisted for weeks that his Viacom contract may be bought out sooner.
"I think this is the dream team getting back together. Stern and Karmazin were incredibly successful at Infinity and can help give Sirius market momentum," Spring added. "He's going to drive the company's ability to promote Sirius -- the one thing Sirius suffers is a lack of brand awareness."
Sirius' is No. 2 in the subscription-based radio business modeled on cable television behind market leader XM Satellite Radio Holdings Inc., (Nasdaq:XMSR - news) which is on track to reach 3.1 million subscribers by the end of the year.
Late Last month, Sirius missed Wall Street expectations by posting a wider-than-expected loss, but noted its subscriber base quadrupled.
Sirius added 181,948 subscribers in the third quarter ended Sept. 30, and said its total subscriber base exceeded 700,000 on Oct. 18. It expects to hit the 1 million mark by the end of this year.
The New York-based company posted a third-quarter net loss of $169.4 million, or 14 cents per diluted share, compared with the year-earlier quarter's net loss of $106.7 million, or 11 cents per diluted share.
Its revenue rose to $19.1 million from $4.3 million in the year-earlier quarter. |
New Sirius C.E.O |
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| sternshownet |
| Yeah, I know, I already linked it. |
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| francero77 |
| go long SIRI.... |
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