Out with the old, in with the new. Joseph Clayton, Chairman of Sirius Satellite Radio Inc., has stepped down from the position and Gary Parsons has taken his place as Chairman of Sirius XM Radio Inc.The number of directors on the Sirius XM board was also increased from eight to twelve.
Clayton, along with Warren Lieberfarb and Michael McGuiness, have resigned from the board of directors. At the same time, the following former members of XM's board were elected to the new board of directors: Joan Amble, Eddy Hartenstein, Chet Huber, John Mendel, Jack Shaw, Jeff Zients and Gary Parsons.
Clayton originally came aboard Sirius in 2001, replacing founder, chairman and CEO David Margolese who had resigned after 11 years. Clayton lost his CEO spot to Mel Karmazin in November 2004, six weeks after Howard Stern announced his move to Sirius.
Good riddance. This asshole was the one who sent the SDARS into massive debt by completely overspending on talent like Howard.
Get assfucked by an AIDs infested tranny Joe.
Good Luck Gary!!
Joe Clayton = bankrupcy
Mel Karmazin = tasked with fixing Joe's Mistakes
kind of like George Bush and John McCain...
Ah yes, Anonymous is clearly an O&A fan. Hate without an ounce of humor. There's no need for that kind of comment.
maybe gary will go on bubbas show to explain the future of ........
thats right nobody listens to him
So... whats the cost of this "Golden Parachute"
how much is this Fat Bastard costing the share holders....
This comming Q3 will be ugly ugly ugly
JJJ is clearly a Howard fan. Posting a comment without an ounce of humor.
Good to see things back to normal here on Orbitcast. Two show's fans hating for no reason. Remember kids, we are now one big happy company. Take off the fanboy glasses and have a big group hug!
I have never liked Howard... However, he is Sirius's only drive time unique content and although came at a high price, was barely woth the cost.
so, despite personally not liking his show.. I have no problem with him.
As for a "big Happy Company" ... HUH? Have you seen the stock price?
Joe is a great guy. He saved the company and put satellite radio on the map with the NFL and Howard. The big car companies would have never ramped up so fast if it hadn't been for Joe. I say...good job Joe. Thanks for being there, job well done.
Don't forget to take 30-40 million with you when you go Joe... what the hell, money is paper at SIXM isn't it? .. My stocks sure are!
I'm am just glad that SAT is available. I have had XM for several years now (and love it) and I'm sure I will like/learn to like shows on Sirus. Even SAT at the worst, its better then regular radio.
Plowboy calls the bottom as of today and just bought 87K shares.
Why the hell does every comment thread have to turn into a Stern vs O&A flame war? This story has nothing to do with either of these shows. I hope all these degenerates get canned by the new company.
So is there any news at all that would raise the stock price?
Joe is a great guy. He saved the company and put satellite radio on the map with the NFL and Howard. The big car companies would have never ramped up so fast if it hadn't been for Joe. I say...good job Joe. Thanks for being there, job well done.
Posted by: Anonymous Coward | August 4, 2008 10:37 AM
WRONG!!!
Joe singlehandedly killed SDARS by OVERPAYING for content, as well as ruining the companies' CPGA. Period!
Yes, Stern and the NFL were important (and sorry kiddies, the NFL did nothing for SIRI the first 3 years), but more importantly, FISCAL RESPONSIBILITY was totally on the backburner when Joe was running the show. This guy had ZERO clue how to run the business. He spent and spent and spent and spent.
Look at this way. If SIRI has had NFL and Stern for THREE YEARS, then WHY are they STILL not making money? Hello???
He was the George Bush of SIRI, and now Mel has to try to save it.
Anybody know what the Hell's going on with the stock price?
Good riddance Joe is right.
Joe Clayton = bankrupcy
Mel Karmazin = tasked with fixing Joe's Mistakes
kind of like George Bush and Barrack Obama....
If it were not for Joe and his "debt for equity" swap in the Spring of 2003, Sirius would have gone "toes up". Granted for those who were shareholders at the time, it was a massive dilution. For some of us "bottom feeders" picking up stock at .46 it was a glorious speculation. It was Joe who picked up the Howard Stern package which has been said to have broken even in 2 and a half years. Mel came on board as Joes three year contract ended and was proposed by Joe himself. He his a turn around specialist while Mel was an media operations guru....a perfect fit. Do I like the current PPS position of the merged company? No! Was it Mels fault? No! We can start with the FCC, NAB, GP, and the Congress for the stall which lasted one year later than the charter permits. Thanks go to the SEC for doing nothing to regulate "naked shorts" or the "uptick rule" which protect the hedgies from driving prices into the ground. Thanks go to flip/flop little Jimmy Cramer who seems to have amazing Kreskin abilities. Thanks Joe and Mel....I am still in the green with lots of cheap shares and bought more at $1.34 today. Now I am going to church to pray.
About the PPS. There are approximately 3 billion shares outstanding for SIRI right now, so at $1.3 we have a market value of about 4 billion.
For a massively unprofitable company like SIRI, this seems to be pretty fairly valued. I own shares, and I am down about 50%, but still, my logic holds that they are not particularly cheap right now. Maybe you can tell me other reasoning.
If we have good guidance with possible profitability, then my estimates change, but if we are still forecast to lose money for years to come, then sorry, but I don't see the shares going up much in the near term.
Sorry all you Joe haters the reason Joe was brought in was to SAVE Sirius.
Joe brought in Howard and sorry to say we would have no Sirius today were it not for Howard. Like it or not Howard was the only person that could take the unknown Sirius name and make it what it is today.
Part of what howard did is because of the insane money he is paid that was a large part of what put Sirius and Howard in the news.
Anybody crying over this?
Can you say, "Oh Well?"
How about a "Good Riddance" for good measure?
I am not a fuckin pest, nor am I a Stern hater. The problem is Clayton paid too fucking much for Howard and the NFL. He is directly responsible for the damn price war that went on and made the NFL, MLB, and Howard rich while sending our stock values in the shitter.
I hope he sticks that fucking cigar right up his ass. I feel like he did that to my stocks.
Well i feel better now. It's great to know that they guy who flew XMSR into the ground is now #2 at SIXM.
Number 2 is right.
and I thought this was a family friendly form
I was wondering how long until someone mentioned the cigar...
Sorry all you Joe haters the reason Joe was brought in was to SAVE Sirius.
Joe brought in Howard and sorry to say we would have no Sirius today were it not for Howard. Like it or not Howard was the only person that could take the unknown Sirius name and make it what it is today.
Part of what howard did is because of the insane money he is paid that was a large part of what put Sirius and Howard in the news.
Posted by: Anonymous Coward | August 4, 2008 11:37 AM
Sorry AC,
Nobody would ever argue that getting Stern was a bad move....the bad move was how much he paid for Stern and the NFL. The bad move was getting subscribers no matter what the cost. That is not smart business.
If it was smart business, ask yourself why SIRI hasn't made a dime, even after 3 years of having Stern and the NFL. Why is that? Nobody with a clue can answer that question.
....and diluting shares FOUR times in 3 years is also not a smart business move.
Goodbye Joe, don't let the door hit your ass on the way out.
Mel is in town, and hopefully he can clean up the mess.
Don't forget about not going after OEM's soon enough either. SIRI squandered that as well.
Joe is a failure.
Joe printed shares. XM took on Debt. It was XM's debt swap that dropped SIRI to 1.35.
By putting in the clause that the debt holders would be payed back on change of control.
Don't blame Joe for today's stock price.
Joe did pay too much for Stern, when Stern had no where to go.
It was also strange that Joe did dance with the devil, especially since Joe went to Catholic grade school and Catholic college.
The banks are covering their Shorts below 1.50. Hopefully they will clear the decks before SIRI earnings. Then it trades between $1.50 and $1.72 so the banks make a profit.
"The banks are covering their Shorts below 1.50. Hopefully they will clear the decks before SIRI earnings. Then it trades between $1.50 and $1.72 so the banks make a profit."
LOL! And, the stock used to be in the $50 range! LMFAO!
Neither one has proven himself when it comes to satradio. Gary, like Joe both rolled over to Melvin Alan "Mel" Karmazin. Bring back Hugh Panero.
COULD THIS COMPANY BE FOR FUCKED??????GREAT......LIKE WE GIVE A SHIT AT THIS POINT.....IVE LOST ALL OF MY MONEY ON A COMPANY WITH A STOCK IN A VIRTUAL FREE FALL....MY TWIN ISNT EVEN SPEAKING TO ME AND IM SUPPOSED TO GIVE A SHIT ABOUT SOME CORPORATE CHANGE....GOOD JOB MEL.....CONGRATS GARY.....LETS SEE....WE HAVE ANNOUNCED NOTHING SINCE THE MERGER.....AND OH YAH.....THE STOCK IS ABOUT TO BE DELISTED.......SO LETS SEE CRAMER IS RIGHT AND WE CAN USE OUR STOCK AS FUCKIN TOILET PAPER......HAVE I MISSED ANYTHING HERE....?
Does xm have the majority of new company's board of directors seats?
That would be 7 board seats out of a possible 12 for xm and 5 for the little doggie company.
The number of directors on the Sirius XM board was also increased from eight to twelve.
Former members of XM's board were elected to the new board of directors: Joan Amble, Eddy Hartenstein, Chet Huber, John Mendel, Jack Shaw, Jeff Zients and Gary Parsons.
Shares down to $1.37 and Sirius will be giving Clayton one helluva big fat severance check for what is perhaps looked upon by many to having done a bad job at managing this company. And then, if he gets a $15 million severance package then the $12.95 one month sub fee of 926,640 subs goes with him. This is the very thing that is killing this company. They are being compensated for their presence versus their productivity. There is absolutely no accountability.
I see several positives post merger:
1) Gary Parsons staying instead of jumping ship.
2) The board increasing to 12 with 7 seats going to XMSR's
3) The stock has bottom at $ 1.30
4) I am buying and I have yet to loose any money with SIRI....
Goog news for all.....
I see several positives post merger:
1) Gary Parsons staying instead of jumping ship.
2) The board increasing to 12 with 7 seats going to XMSR's
3) The stock has bottom at $ 1.30
4) I am buying and I have yet to loose any money with SIRI....
Goog news for all.....
what does he plan to do with that cigar????
Ummm - everyone, please relax. Seriously. Give this some time, now that they've merged. Mel took a week to get around to everyone in the company (including shareholders), explain his strategy moving forward in person, and now he's going to start putting it into place.
Just relax and don't look at the stock price for another couple of months - enjoy the rest of your summer and quit day trading, it'll give you guys an ulcer. Especially if you're getting upset at the Anonymous Liar...I mean, Coward.
The stock will start to gain once the new company is organized and they start selling new subscriptions to the joint programming. It's an absolute bargain right now - you should all quit fretting and start buying. Sink everything into this stock, and start getting people to buy new subscriptions ASAP.
And then buy this tshirt and wear it every damn day: http://www.cafepress.com/greenwithout.288964472
Promote, promote, promote. Evangelize this unbelievable opportunity...that's how the tides will turn.
maybe gary will go on ron and fez show to explain the future of ........
thats right nobody heard of those hacks!
When can we expect the hype of Mel announcing his intended purchase of Sirius shares? Maybe that won't be so bad as he can write off his other stock gains against the loss to come from any SIRI purchases.
If it comes from anywherem it comes from this board.
Now now Frank it's not very nice of you to lie and fud others into making risky investments and fail just like you have done on the black hole known as satradio. No reason for anyone else to lose as satradio goes belly up.
Ron fez noon to 3
"Sirius XM Radio (SIRI) shares are down sharply this morning"
"the company has $1.085 billion in debt coming due next year."
“The lower than expected subscriber tallies suggest that satellite radio is resonating less with consumers than we had expected,”
"What is there to like about this company? Debt, worn out celebrity shows, poor management living in high priced digs and never ever making money."
"This company is going bankrupt."
"AT .10 CENTS A DAY LOSS SIRI WILL BE WORTH WHAT IN 14 DAYS OH YEA 0000000000000000000000."
Hugh Panero "was the CEO of XM Satellite Radio from June 1998 to August 2007. He has been involved in the entertainment industry for over 16 years. From 1993 to 1998, he served as President and CEO of Request TV. He was also a pioneer in both early cable and pay per view, having spent 10 years working for Time Warner Cable, partly spent as their Vice President of Marketing. Panero is also an alumnus of Clark University in Worcester, Massachusetts."
Dude, everyone knows me, I am the King of all Med...know wait...I know the King of all Media!!!! I wipe the sweat off his bald head, I clean his false teeth, I wipe his dirty butt, right Howie?.....Howie???........HOWIE????????????????????????
In his first year at Sirius, Fortune magazine reported in November 2005, Karmazin reached deals with Ford and BMW to include the company's radios in their new cars.
YET
Sept. 26, 2007 -- Ford Motor Company today became the first automaker to offer HD Digital Radio across multiple product lines.
and
Jan. 7, 2007 /PRNewswire/ -- BMW expands its pioneering position in
providing high-quality audio systems by becoming the first automotive firm
to offer a factory-installed digital HD Radio(TM) receiver as an option
across its entire 2007 product line.
also
Karmazin has been inducted into the Broadcasting Hall of Fame, the Radio Hall of Fame, a recipient of the National Association of Broadcasters National Radio Award, Thats right the NAB.
There is subscriber churn then there is OEM CHURN to HD Radio!
HD Digital Radio • IT’S TIME TO UPGRADE!
HD Digital Radio. It's here. It's local. It's free. DISCOVER IT!
www.hdradio.com/
AC: "Don't forget about not going after OEM's soon enough either. SIRI squandered that as well."
It's interesting that someone brought up this point.
I believe it's Joe's biggest flub. He spent too much money on content and getting subscribers, that he totally lost the most important thing: OEM's. He sat and did next to nothing to get OEM's rolling.
Grabbing content was indeed important, but he blew way too much money on talent he could have clearly gotten cheaper (remember he outbid XM by 55+ million a year on Stern....why didn't he just outbid XM by 5-10 million?). He was not a savvy businessman.
Mel coming to the helm was the best thing to happen to SIRI as a business. Now I will hold judgement on what he does with the service. He isn't as well known as running a good service (look what he did to terrestrial to get my point). Time will tell.
HD Digital Radio. It's here. It's local. It's free. DISCOVER IT!
Who gives a rat's ass? It's blatantly obvious that nobody in their right mind wants to buy new equipment to hear the same exact worthless music and non-stop commercials that they can hear on their current radio. If they did, you jackoffs wouldn't resort to junking up unrelated websites with this bullshit.
The site administrator really needs to do something about all this stupid spam.
"Orbitcast is dedicated to providing the latest news, information and an increased awareness of XM, Sirius and their competing industries."
Adam,
Do you comprehend what "and their competing industries" means? Do you comprehend anything?
satfan. XM was only offering stern 1 channel and it wasn't even for 24hours from what I remember. Hell XM bid could have been for Howard Stern where as Sirius bid was for "The Howard Stern Show." Sorry I just do not see Sal and Richard getting paychecks from Sirius. Probably The Howard Stern Production Company."
HI! IM PATRICK RODGERS! I TALK IN CAPS LIKE THIS TO MAKE ME MADD! YOU KNOW WHAT MADD IS RIGHT???..I HAVE NO IDEA WHAT IM EVEN TALKING ABOUT, ALL I DO IS SMOKE POLES, DRINK COSMOPOLITANS, AND BLOW MONEY ON STOCKS! DONT BE A DUMBASS LIKE ME AND PUT STOCK ON TICKLE ME ELMO'S, I THOUGHT THEY WERE FLYING ON SHELVES! I HAVE NO MONEY DONT LISTEN TO ME IM A DUMBASS I WILL MAKE YOU LOSE MONEY! OH WELL I GOTTA GO, STEVE WANTS ME TO CLEAN HIS PIPES!
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