Karmazin, Karmazin, Karmazin, and Liberty Media (SIRI) (LMCA)
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The question no one's really been asking about the potential takeover of Sirius XM (Nasdaq: SIRI) by Liberty Media (Nasdaq: LMCA) is this: what about Mel?
That's right, Mel Karmazin, the socialite CEO who joined Sirius in November 2004, effectively watching as shares plummeted from $8 at the start, to a low of around 10 cents each in late 2008 and early 2009, and now around $2 per share. (Think Slim Pickens in Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb.) This is one of the few stories nearly better than Las Vegas Sands (NYSE: LVS), which fell to $1.60 - $1.70 in 2009 and rose to $60 recently. Of course, both are still a multiple or two below their original glory ahead of the collapse.
But enough about petty stock prices. Karmazin has white hair and a necktie, making him a still-great candidate to lead Sirius back to power. What's Liberty Media got anyway?
Karmazin's contract at Sirius is slated to expire on December 31st, according to the NY Post on Friday. Given that he left Viacom (NYSE: VIA-B) after playing second fiddle to Sumner Redstone, you can bet he might do the same at Sirius.
The Post noted Liberty praised Karmazin's leadership in the past, probably not seeking to push him out. Only Karmazin will decide when Karmazin leaves.
That's right, Mel Karmazin, the socialite CEO who joined Sirius in November 2004, effectively watching as shares plummeted from $8 at the start, to a low of around 10 cents each in late 2008 and early 2009, and now around $2 per share. (Think Slim Pickens in Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb.) This is one of the few stories nearly better than Las Vegas Sands (NYSE: LVS), which fell to $1.60 - $1.70 in 2009 and rose to $60 recently. Of course, both are still a multiple or two below their original glory ahead of the collapse.
But enough about petty stock prices. Karmazin has white hair and a necktie, making him a still-great candidate to lead Sirius back to power. What's Liberty Media got anyway?
Karmazin's contract at Sirius is slated to expire on December 31st, according to the NY Post on Friday. Given that he left Viacom (NYSE: VIA-B) after playing second fiddle to Sumner Redstone, you can bet he might do the same at Sirius.
The Post noted Liberty praised Karmazin's leadership in the past, probably not seeking to push him out. Only Karmazin will decide when Karmazin leaves.
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