Sirius and XM radio the two leading (and the only) providers of satellite radio have completed their $2.76 billion merger. Mel Karmazin, the chief executive officer of Sirius, will maintain his role as chief executive officer for the new company, called Sirius XM Radio.
After the merger, Sirius XM Radio has a combined 18.5 million subscribers and is expected to save $400 million in 2009. Their stock is down 28 percent today amid heavy trading.
Mel Karmazin will oversee all aspects of the company’s operation from Sirius’ base in New York City. Before working as the CEO of Sirius, he was the president and COO at Viacom. He has also held the position of president and chief executive officer at the CBS Corporation. He has also served on the boards of Blockbuster Video and the New York Stock Exchange. Mel Karmazin has won numerous awards for excellence in broadcasting.
Sources: Associated Press, sirius.com