Mel Karmazin Buys 2 Million Sirius XM Shares
August 5, 2008 at 5:32 AM (PT)
SIRIUS XM CEO MEL KARMAZIN bought 2 million shares of the satellite broadcaster today, bringing his stake to more than 8.5 million shares. BLOOMBERG reports KARMAZIN, 64, paid $1.37 a share, or $2.74 million, according to a regulatory filing. NEW YORK-based SIRIUS fell 7 cents to $1.39 in NASDAQ Stock Market trading. It has declined 54% this year.
With TODAY's purchase, KARMAZIN owns $11.8 million of the stock directly and 33,800 shares through a retirement plan, the filing said. There are more than 3 billion shares of SIRIUS outstanding, according to BLOOMBERG data.
SIRIUS completed its $2.76 billion all-stock takeover of former rival XM SATELLITE RADIO INC. on JULY 29th after winning approval from the FCC.
The company has more than 18.5 million subscribers.