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First Mediaworks

Karmazin: 'Pleased And Proud' Of Q3 Results

NEW YORK -- November 16, 2008: Sirius XM Radio CEO Mel Karmazin began his remarks on today's third-quarter earnings conference call with, "I know it's difficult, in the economic environment we are in, and where our stock price is trading, to be very pleased and proud of our operating performance, but we must."

He called Sirius XM's performance, with a 16 percent pro forma revenue gain, "very impressive" in light of declining auto sales, high unemployment, and a generally weak economy. Karmazin continued, "Many other good companies are not growing as a result of the issues in the U.S. economy, so we believe showing double-digit growth to be very impressive, especially if you compare Sirius XM's results to other media and entertainment companies."

The catalyst for Sirius XM's growth, Karmazin said, is the synergies created by the merger, noting that about 22 percent of the combined Sirius and XM workforce has been eliminated to date. He also said that consumers are getting the benefits of the merger, and that "thousands of subscribers have been adding 'best of' to their subscriptions ever day since the offer became available."

And on Wednesday, the Sirius and XM lineups will merge, and duplicate programming will go off the air. XM and Sirius subscribers will receive the same number of channels they have been receiving, Karmazin said, but Sirius XM Radio will be producing "significantly fewer channels."

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