Report: Liberty Media’s Sirius XM Takeover Plans Include Replacing CEO
[Satellite TODAY 09-14-12] Liberty Media Chairman John Malone is planning to replace Sirius XM CEO Mel Karmazin in an attempt to gain control of the satellite-radio company, according to a Sept. 14 report published in the New York Post.
Liberty Media is Sirius XM’s largest shareholder with a little less than 50 percent of its stock. According to a source named in the report, Liberty Media will kick off a CEO search as soon as Karmazin’s contract runs out at the end of this year.
Liberty Media informed the U.S. Federal Communications Commission that it plans to increase its stake above 50 percent and has asked the agency for approval to proceed. Karmazin has been fighting off Liberty Media’s attempts and predicted he would replaced if Liberty gained control of the company during a Sept. 13 Bank of America media conference.
“My instincts today are that Liberty does not need me at the company,” Karmazin said. “I have historically been expensive.”