Mel Karmazin Tells Shareholders 'I Want To Be Held Accountable'
May 23, 2012 at 3:49 AM (PT)
SIRIUSXM RADIO CEO MEL KARMAZIN explained to shareholders YESTERDAY (5/22) that "he resisted JOHN MALONE's LIBERTY MEDIA CORP. taking control of the satellite-radio operator. Although KARMAZIN said he "didn't want to report to a majority shareholder," THE WALL STREET JOURNAL corrected its initial report by noting that wasn't a reason he resisted LIBERTY MEDIA's effort to take control of SIRIUSXM.
"I want to be held accountable," KARMAZIN said. "I don't want to be responsible for somebody else making a decision."
KARMAZIN was responding to questions from shareholders regarding LIBERTY's attempted takeover of the satcaster. "If JOHN MALONE or anyone else wants to buy that stock, there is nothing we can do," he said. "But I don't want them to get control of the company that way without paying a premium."
Mr. KARMAZIN's comments came in response to questions from shareholders regarding the recent actions of LIBERTY, the largest investor in the satellite-radio company.
Two weeks ago (NET NEWS 5/10), ALL ACCESS reported LIBERTY had upped its share of SIRIUS XM with another stock purchase of an additional 60 million shares, raising its stake to 46.2%. The purchases, for a total of $128 million, were disclosed just one day after LIBERTY said it had arranged to spend $650 million increasing its stake in SIRIUS to 45.2% from 40%.
KARMAZIN told shareholders if they were "beneficially treated," that he might support a spin-off.