Thursday, September 13, 2012

Liberty Media about to take control of Sirius

Liberty Media in the U.S. has announced that it now has accumulated 49.7% of the common shares of Sirius. This week, Mel Karmazin pointed out to the Wall Street Journal that he tends to be an expensive employee and that he expects that once Liberty exceeds 50% ownership, it will replace the Board of Directors and is not likely to retain him. Karmazin has been busy selling off a lot of the millions of option shares he was granted at $0.43 after the company almost went down for the count in 2009. His total pay package will certainly total tens of millions by the time he cashes out completely, even if he doesn’t get the $200 million he thinks he so richly deserves for his services. Forbes

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