Sirius/XM Merger Details Provided To Staff
February 21, 2007 at 6:17 AM (PT)
While the public announcement of the SIRIUS/XM merger and the CEOs' letters to subscribers were the focus of yesterday's news, more was going on behind the scenes. ALL ACCESS has obtained some highlights of MEL KARMAZIN's conference call to the SIRIUS staff. The call included info on:
- Deciding name and location of the new company.
- Bringing people from both companies.
- The total cost savings to be $3 billion to $7 billion.
- Offering more diverse programming for underserved interests.
- Best content from both companies.
- Merging the satellite and repeater infrastructure.
- More advertiser potential.
- Removing duplicate channels to make more niche programming.
- Shareholder vote expected in four to six months, with regulatory approvals within nine months.