Sirius XM shareholders have seen a lot of dark days — face it, we’re talking about a stock that dropped to 15 cents a share. But today isn’t one of them. At least so far.
Sirius XM Radio has got a lot of big issues: a huge debt load; its deflated stock price; the auto industry — its biggest source of news subscribers — is hurting; and consumers are shying away from consumer electronics this holiday season.
If you’re an old Sirius or former XM subscriber who lost one or more of your favorite channels after the two satellite radio companies merged earlier this year, CEO Mel Karmazin has a message for you: Tough luck, it’s for the greater good.
from Summit Notebook:
Sirius XM Chief Executive Mel Karmazin is a serial monogamist when it comes to stocks. No matter where he's worked, from Viacom to Sirius, he only buys stocks in those companies, he told the Reuters Media Summit in New York on Wednesday.