SIRI: Sirius Satellite Radio Message Board

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Technology Stocks : SIRI: Sirius Satellite Radio

SIRI 21.69

-6.5%

Oct 31 9:30 AM EDT

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From: bob zagorin	11/22/2004 6:53:21 PM
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Karmazin and Stern Get Sirius Deutsche Bank 60 Wall Street New York, NY 10005 (Tel)(212) 250-2500 SATELLITE RADIO PROVIDER Sirius Satellite, announced that Mel Karmazin is taking over as Chief Operating Officer. Karmazin should enhance Sirius' competitiveness and its potential to participate in industry consolidation. However, we believe terrestrial radio stocks already reflect the potential threat from satellite radio and we maintain our Overweight rating on radio stocks. We expect Karmazin to make Sirius a more viable competitor due to his entrepreneurial, operational, capital markets and deal making skills. His track record includes the Chief Executive Officer position at Infinity, CBS and Westwood One. Additionally, he has an understanding of global multimedia and multi-revenue stream platforms through his previous role as President of Viacom. We believe the combined market capitalization of Sirius and XM of nearly $20 billion, discounts about 50 million subscribers in 2010 with high profit margins. Even at that level, we believe that radio listening is impacted by less than 10% and revenue is hurt by under 5%. -- Andrew Marcus

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