Howard Stern is going to be a judge on the NBC show “America’s Got Talent,” this summer and Wall Street is already betting this is going to benefit the shock jock’s satellite radio home, SiriusXM Radio.
On the same day that James Murdoch was fighting for his career at a parliamentary hearing on Thursday in London, Sony’s CEO Sir Howard Stringer was making fun of the whole situation an ocean away.
from Summit Notebook:
It’s been five years since Sirius lured shock jock Howard Stern to satellite radio with a $500 million contract. Whether Stern can re-up with a similar deal when his contract expires at the end of next year is anyone's guess, but it ought to be entertaining. Sirius XM CEO Mel Karmazin is preparing himself for negotiations with the self-proclaimed King of All Media.
Sirius XM Radio has launched its long-awaited App for the iPhone to mixed reviews. That’s not surprising, really, since the legion of Sirius subscribers has never been sheepish about the pay radio service.
It’s the media! That’s what Sirius would have us believe.
On a post-earnings call on Thursday executives said the company’s precarious financial position during the last few months as it sought to resolve a looming debt debacle was exacerbated by the media’s interest in Sirius. Apparently, stories about companies going bust not only upset investors and creditors, but customers too.
Ah the media, we love a ruckus. We really do. And when the two pugilists are characters as colorful and savvy as Dish Network’s founder Charlie Ergen (left) and Siriux XM Satellite Radio CEO Mel Karmazin (right) we do really get excited.
So after two weeks of following all the twists and turns of Sirius XM’s attempts to avoid bankruptcy, CEO Mel Karmazin decided on John Malone, founder of Liberty Media, to come in as Sirius XM’s white knight with a $530 million loan . The loan will cover the satellite radio provider’s looming debt and help it avoid bankruptcy. As part of the deal Liberty will eventually take a 40 percent stake in Sirius’ equity.