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New Sirius chief Karmazin buys 1.5 mln shares
NEW YORK, Nov 22 (Reuters) - Mel Karmazin, the newly appointed chief executive of Sirius Satellite Radio Holdings (SIRI.O: Quote, Profile, Research) purchased 1.5 million shares of the No. 2 pay-radio company's stock at $5.36 a share, sending its stock price rising 15 percent.
The radio industry veteran and former president of Viacom Inc. (VIAb.N: Quote, Profile, Research) (VIA.N: Quote, Profile, Research) , who left the company over differences with Viacom CEO Sumner Redstone, is now reunited with ribald radio host Howard Stern.
Karmazin told reporters on Friday he planned to purchase the shares as a testament of his faith in the nascent fee-based service and in the No. 2 satellite radio company.
He will be paid a base salary of $1.25 million a year and has been granted 3 million shares of retricted stock and options to purchase 30 million shares at $4.72 a share.
Shares of Sirius rose 77 cents to $5.94 on the Nasdaq.
R U M O R V I L L E
The Rumors you may or may
not want to know about ...
* Look for a big day 6/30/05 - We hear sirius
will take off to $8.00
* Howard Stern is to announce something regarding Sirius in about two weeks
*
Sony + Sirius Deal? Is it in the works? Seems like a logical move, as Apple didn't want to get involved. Then again we are in Rumorville!
* Stock is rumored to fall until Stern Signs on early
* Howard Stern to quit early? Will he say F*** You to broadcast radio, and make the jump soon to Sirius?
Rumor has it, it may be next month.
*What is up with Sirius & XM lately? The two companies have seemed to merge together in the media. Is a possibly buyout in store? Will Viacom, and
Sumner Redstone
buy both companies?
All statements contained are not verified for their accuracy. The statements may or may not be true and therefore are not to be relied on.
For entertainment purposes only.
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