Mel Karmazin isn't very happy about the stock price of Sirius, but compared to XM? "We suck less," he said at today's shareholder meeting.
Sirius' shares are up just 8 percent since September 2004, but Karmazin noted that wasn't nearly as bad as the 61 percent decline in share price over the same period by XM Satellite Radio.
The Sirius CEO blamed the poor stock performance on the overly negative view of the satellite radio industry, despite the achievements both companies have made getting closer to profitability.
Karmazin also defended Howard Stern's $500 million pay package signed with Sirius in 2004, saying: "He earned it."
It sucks about 9 dollars less anyway.
Oops Mel. I know he's trying to rate his performance since he was running the show at Sirius (sort of, since he wasn't there until November 2004), but what about the stock prices since their inception?
http://finance.yahoo.com/q/bc?s=XMSR&t=my&l=on&z=m&q=l&c=siri
Anybody can make one company's performance look better than another...
Okay, I can spin things too.
Sirius' stock has gone down 95% since March 2000, and the actual launch of the service and Mel's coming into power hasn't brought it back to 1/6 of what it once was.
i bought in real low(in the high 2s and 3s) but still this really sucks
Mel ..."I have not sold one share"
FYI ... All his stock options also came with cash to cover the tax liability associated with the options.
Go read his contract in the 10k.
And where did they find the investors? One guy asked about getting Hyundai. Notice Mel said nothing to the fact that XM has them Exclusively.
One can lie by omitting facts.
Also, why did they harp so much on the "merger". No mention of the cash on hand or credit facilities. Sirius will most likely run out of cash in Q1 2008 even with the larger revenue.
Interesting that Sirius hasn't been above the 'break-even' line since before they went on the air. You'd think coming out of the dot-com disaster era, the fact that they were at least on the air would have helped their stock.
Sirius's content is not as good as Xm's. Anyway, Stern has earned it?? For the pay that Howard earns on Sirius, they do not even have 10 million members to show for it.Way to go Mel!!! Howard makes more money than Mel. Stern is out in 5 years from Sirius once his contract comes to an end. He even said it himself. That is why I do not want this merger to go through because of a guy like Mel leading the way. Is it a surprise anyway that Mel is speaking this way? Maybe he knows that the merger will not go through. Screw Sirius.
You haven't sold one stock yet... Good man, very loyal.. And, if you wait long enough, you'll be able to wipe your ass with it because it'll be as worthless as toilet paper... Good deal for Howie...
That's a dumbass thing to say. Seriously. Way to bash the company that you need to merge with to attempt to survive. Both services have good things, and some bad things, but neither sucks. Share price be damned. I know that's what he's talking about, but people are gonna latch onto that comment without looking at the context and say, "well, if the fucking dude running the company thinks SDARS sucks, then why should I buy it." Smooth Mel. Real fucking smooth.
No one earns a $500 million salary.
Mel's comments sound like something you'd hear in a school yard, not at a stockholder's meeting. As for for Howard deserving his salary...ummm nope no one is worth getting paid $500 million. His salary was a repaid favor for getting Mel into the position he has today. I don't own stock in Sirius (or XM) but I would be pretty pissed off if the company I invested in pissed away that much money on one personality with empty hopes it would strengthen the stock. (Ever hear of the old adage "don't put all your eggs in one basket"? Guess Mel/Sirius didn't, the bottom of the basket is breaking)
^The most interesting person in the world deserves to be paid that much though.
Stern is NOT the most interesting person in the world. Now I know that comment is subject to personal preference however, I can name several other people who are far more interesting in the world then Stern and they still do not deserve $500 million. NO ONE DOES.
Stern put satrad on the map. Well worth the money. Plus all that money is not his personally. he has to pay production costs himself.
I did not consider satrad or even heard of it until Stern joined Sirius.
The only reason why sirius wants the merger is just so they can have baseball and all other XM sports. That is all its going to be if the merger happens, Sirius with baseball. And sirius completely sucks aside from the NFL and their sports.
Thats why I am against the merger.
This merger continues to turn up new problems. That's nice, the guy in charge of the "merger" knocking the other company which is having problems itself.
Jesus!
Ryan, are we being hit by the pricks, I mean pests because they don't have any thing to do after 9am
sirius sucks less?? do they spit or swallow??