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Technology Stocks : Sirius Satellite Radio (SIRI) -- Ignore unavailable to you. Want to Upgrade?

To: caly who wrote (1076)	11/19/2004 8:26:37 AM
From: Esoteric1	Read Replies (1) \| Respond to of 8420

"I've made a tremendous amount of money for investors in the radio business," Karmazin told The Post. He formerly ran both Infinity and Westwood One. "I think today that satellite is the growth engine of the radio business." Karmazin's 2 percent stake in the new company is worth $120 million based on the company's recent market capitalization of $6 billion. Karmazin did not disclose his salary, but said he would begin buying Sirius shares on the open market today in the amount of his annual salary. He will not receive a guaranteed bonus, he said. When Karmazin left Viacom he got a $35 million golden parachute. He also held on to nearly 11 million Viacom shares, which were worth close to $400 million at the time of his exit. Karmazin said that Sirius' hiring of Stern was a factor in his decision to join the company. "What they've done is the same thing I did early on," he said. "We hired Howard 18 years ago at Infinity." Karmazin was introduced to employees yesterday afternoon at Sirius' Manhattan headquarters. He stressed that he would spend time touting the company to insititutional investors on Wall Street, according to a person in attendance. nypost.com