Uncle Mel's Missing Channels
Mel Karmazin can't play CEO, so he's playing disc jockey instead.
The Sirius XM Radio
"You as a subscriber, though you may miss your channel, you need to make sure we make money because you want us to be around so we can invest in programming and we can provide you with all these services," said Karmazin, whose company's stock trades around 16 cents a share, giving it an equity value of $510 million.
What makes Karmazin's pleas most galling, however, is the fact that he sold the merger between XM and Sirius to regulators on the grounds that it would provide consumers with "a broader selection of content." In February 2007, when the combined market cap of the two satellite radio operators was $13 billion, Sirius announced the merger saying, "The combined company is committed to consumer choice, including offering consumers the ability to pick and choose the channels and content they want on a more a la carte basis."
At least until the company's crushing $3.4 billion debt load turns his airwaves to static.