Mel Karmazin Will Leave Sirius XM After Liberty Media Takeover

Maybe this shouldn’t be a surprise considering all the will-he/won’t-he stay speculation that’s taken place since Liberty Media‘s John Malone began his takeover effort. Lately it seemed as though Mel Karmazin was warming to the idea of staying, and that Malone would be glad to have the voluble exec — who’s famously a pal of one of Sirius XM Radio‘s biggest attractions: Howard Stern. Karmazin’s decision to bolt suggests that big changes are ahead for the satellite radio company. The smart money is betting that Malone will spin it off at some point in a way designed to minimize his tax hit. But it’s far from clear how long that might take, and how Malone will operate the company in the meantime. Sirius XM says the board has formed a search committee chaired by Liberty CEO Greg Maffei and including Sirius XM directors James Mooney and Eddy Hartenstein, who will “consider both internal and external candidates” to replace Karmazin. Shares are down 1.4% in after-hours trading. Here’s the release: (more…)

This article was printed from https://deadline.com/2012/10/mel-karmazin-will-leave-sirius-xm-after-liberty-media-takeover-358513/