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Karmazin Sure Sounds Like He's Leaving Sirius

9-13-2012

There's been no discussion whatsoever between Mel Karmazin and the Sirius Board of Directors about extending Karmazin's contract beyond 2012. And Karmazin certainly made it sound like he's preparing to walk away. Karmazin says Liberty Media is getting very close to taking control of the company and until that's resolved he's not interested in negotiating any deal. In fact, he says, Liberty is not even talking to him. They've told him nothing about their plan after they take control. Liberty has been gobbling up shares of Sirius and, according to Karmazin, could have a controlling stake in the company any day.

"Right now I report to the board. At some point, there will be a new board. I don't know who the board is. My instincts today are that Liberty does not need me at the company. The prospects of the company are really terrific. I have a history of being expensive. If I'm Liberty I would say, "why do we need Mel?" That's OK with Mel. I will not leave the company if this deal lingers. I will stay until the end of the contract and extend the agreement if that's what the board wants. I'm leaving it open. If Liberty spins the company off, there could be a scenario that I might be interested in."




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- NY

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