Report: Veteran TV Exec Mel Karmazin Is on the Way Out at Sirius XM NY Post, Reuters
Mel Karmazin is reportedly on the way out at Sirius XM, with John Malone's Liberty Media getting ready to replace him, reports the New York Post.
As soon as Karmazin's contract expires at the end of this year, Liberty will start a CEO search, the story says. Liberty, which bought 40% of Sirius in 2009, is getting closer to gaining full control of the satellite radio producer, according to Reuters.com.
Karmazin, who is currently CEO of Sirius XM, indicated that he understands he might not be at the company much longer, according to the Post story. Speaking at a media conference, he said, "My instincts today are that Liberty does not need me at the company. I have historically been expensive. It’s very clear to me that if I were Liberty, I would sit there and say, ‘I’m not sure we need Mel.’”
Before joining Sirius, Karmazin was CEO of CBS.