Mel Karmazin is the former head of Viacom who is known to have good ties with Howard Stern. Howard Stern announced on on October 6th
that he would be moving to Sirius Satellite Radio.
Sirius surged 23% late Thursday after the satellite radio upstart scored its second high-profile coup in six weeks, hiring former Viacom chief Mel Karmazin as CEO.
Karmazin left Viacom this summer after his latest dustup with the media giant's chief and controlling shareholder, Sumner Redstone. Karmazin will replace Joe Clayton, who will remain as chairman, according to the Sirius press release Thursday.
"This is a perfect opportunity for me because I want to lead a growth company that can reshape the landscape of the radio business," Karmazin said.
"I also liked the $500 gagillion they offered me as well" Karmazin was heard to mumble under his breath.
James Joyner has some commets on Sterns antics today at a Rally in New York.