Report: Liberty Planning To Replace Mel Karmazin At SiriusXM

On The Way Out?

MEL KARMAZIN may have been accurately predicted his exit as CEO at SIRIUSXM RADIO when he told the audience at the BANK OF AMERICA MERRILL LYNCH Media, Communications & Entertainment Conference in BEVERLY HILLS, CA (NET NEWS 9/13) that he may leave the company when his contract expires on DECEMBER 31st.

KARMAZIN said, "I am certainly open to having a conversation, but certainly my instincts today are that LIBERTY does not need me at the company."

A report in THE NEW YORK POST confirms KARMAZIN's instincts, reporting "JOHN MALONE's LIBERTY MEDIA, which is angling to gain control of the satellite-radio company, is gearing up to replace KARMAZIN. LIBERTY, the largest shareholder in SIRIUS with just under 50% percent of the stock, will kick off a CEO search as soon as KARMAZIN’s contract runs out at the end of this year, said a source."

The report claims MALONE is no fan of KARMAZIN, and was irked when he told FORBES in APRIL (NET NEWS 4/4), "I think I'm one of the most underpaid executives in the history of executive payment." 

MALONE's reaction (NET NEWS 7/13) left no room for a misunderstanding. "He's telling people he's underpaid. It's a joke. He has $120 million worth of share options at 50 cents."

LIBERTY currently owns a 49.7% share of the satcaster, and continues to acquire stock to break the 50% controlling interest level.

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