Sumner Redstone on Satellite Radio's Future: "Not a chance"
Friday, October 6, 2006 at 12:18 PM
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Sumner Redstone, Chairman of the Board and controlling shareholder of Viacom/CBS Corp, told PBS' Charlie Rose that satellite radio has no future, in a recent interview. "And that's not just because Karmazin runs it," he continued, "They keep losing money, losing money, losing money."
Redstone also said he ran into Howard Stern at a restaurant in New York and that Stern said to him "Someday, I'll be back." Restone continued to say that Stern "was probably kidding."
Here's the video:
It's an interesting interview, beyond just the satellite radio reference. He talks about his relationship with Mel Karmazin as well as losing MySpace to Rupert Murdoch. The satellite radio mention is 31:13 into the video if you want to skip ahead.
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Comments
I believe the quote is "and that's NOT just because Karmazin runs it."
Posted by: simon bear ? | October 6, 2006 1:04 PM
Sumner Redstone hates Mel Karmazin. What a freakin' revelation!
He thinks Satellite radio will fail! Surprise!!!
Senile old fart...
Posted by: MikeHunt ? | October 6, 2006 1:27 PM
I'll tell you what doesn't have a future; Sumner Redstone himself. This old bat has one foot in the grave. He looks like the poster child for Depends. I bet he needs a nurse to pull turds out of his ass.
Posted by: Hank the Angry Drunken Dwarf ? | October 6, 2006 1:30 PM
simon bear: Oh dear lord that was a big typo on my behalf. Thanks for catching it, I fixed it now.
Posted by: Ryan Saghir ? | October 6, 2006 1:32 PM
is this the same guy who's radio division has been dropping like a ton of bricks since stern left?
Posted by: PNess ? | October 6, 2006 1:57 PM
That guys looks like Murray Rothstein
Posted by: Roland | October 6, 2006 2:10 PM
Isn't this the Strategic Genious who backed away and burned bridges with Tom Cruise? THAT was a stroke of "Deep Thinking."
Now we have more well thought out logic from this old cadaver.
This is actually good. If a feeble old fossil like Redstone predicts the demise of SatRad, the business will surely succeed!!
Posted by: Mark Slocum | October 6, 2006 2:29 PM
Ryan is to typos as Panero is to increasing fiancial losses...or as Karmazin is to eyebrows that look like catapillers.
Just kidding, Ryan :)
Westfall
Posted by: Westfall ? | October 6, 2006 2:32 PM
Well, if Sumner believes SatRadio doesn't have a chance, I will be inclined to HOLD my shares (that was my plan in any case)!!
He is so out of touch and - frankly - has become IRRELEVANT!!
Posted by: Richard Brown | October 6, 2006 4:01 PM
Summner is a brillant businessman. He's not the out of touch loon you guys seem to think he is.
Underestimate his comments at your own risk. That said, Sat Rad market is clearly large enough for at least ONE SR provider.
Westfall
Posted by: Westfall ? | October 6, 2006 4:35 PM
I think Cable TV is going to fail also. And Mircowaves. Who wants to eat so fast?
Posted by: Schimshamity ? | October 6, 2006 6:34 PM
He seems to have A real big bug up his ass about both satrads, I would watch my back if I was XM on the O and A deal. Just saying. Not starting A thing.
Posted by: Tom C. ? | October 6, 2006 7:24 PM
It makes me wonder why Rehr and Redstone, and so many others are so quick to call for the dimise of Sat radio. I think they are concerned.
I don't even listen to OTA radio anymore, and as time goes on it will become more affordable, and that is when it will start to grab listeners.
Posted by: JohnL | October 6, 2006 8:26 PM
I hear Redstone was against the horseless carriage too.
Posted by: biff | October 7, 2006 2:22 AM
the indians weren't worried about columbus and look how that turned out
Posted by: sean | October 7, 2006 1:37 PM