Karmazin Needs to Cut $400 Million from Sirius XM; Hints at Selling Someday

Karmazin Tells NYT ‘I’m an operator.’
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Karmazin Tells NYT ‘I’m an operator.’

Mel Karmazin, chief executive officer of the newly merged Sirius XM intimated to The New York Times that after he makes the satcaster profitable he may sell it. But for now, he’s focused on cutting about $400 million in annual costs.

Showing that he’s focused on the new company, this week he purchased some 2 million shares at $1.36 a piece, for a total of about 8.5 million shares in the now larger satcaster.