The Man whose nickname is the' Zen Master'

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Karmazin checked out of Viacom leaving its Infinity Radio wing with facing mega, along with numerous other radio groups (you know who they are) and having to fix a growth-based radio business, with regulators throwing blocks on one end and a static economy throwing blocks on the other. We may be seeing that there is not enough crazy glue to go around to keep the model plane together. On the record Friday with Fox, Karmazin told the business world why he joined. And as we noted above, and as you heard for yourself, Karmazin's stock-heavy compensation package shows he's putting his money where his mouth is.

Mel tells it like it is in this first media interview with Fox News Channel's Neil Cavuto, who shared the audio with RBR/TVBR.

The weekly soap opera "Where's Mel?' - Seen used to be all about love/hate with Sumner Redstone/ Then, after Zen Master's exodus, the summer plot of 'Where's Mel?' focused on where he'd turn up. Time Warner? NBC? Disney? But the plot was like "Who Shot JR." Then, finally, it was Sirius holding the smoking gun, or contract signing pen, in this case. But, for all this build-up, Karmazin in the interview with Cavuto was not the blow torch as you have known him. He was humble, calm, touch nervous.

Analysis - Karmazin is a true entrepreneur and likes to build. Like the old Infinity when he had two partners the equity was worth 10M, and sold to Viacom for 18B. And like Westwood One - when he took it over the stock was under 2 dollars a pop. Now it's at $23 bucks.

Our interpretation of Mel's body language - - he wants action, needs to challenge himself, and gets to move forward while, at the same time, getting back to his roots of radio programming. He knows the value, and the necessity, of strong content and presentation. He said it himself that Sirius getting NFL and Stern will transform satellite radio. His reputation of cost cutting made him a Wall Street sweetheart but Karmazin mentions two words that make radio and TV work: Content and Programming. He believes spending money on both. (Note: Is the I-Man on the Zen Master's shopping list?)

Cavuto questioned the 100M being spent on Stern, asking if it was a wise business decision and Karmazin replied, "Ask me that question in five years. Again the example of Fox TV network getting the NFL from CBS shot Fox TV up in respect and picking up affiliates. Can two satellite radio companies make it? Karmazin cites there are two TV satellite companies - Direct TV and Dish Network - -so why not the same for audio content?

Bottom line, Karmazin is a radio guy and believes in programming content and talent plus sees that radio, unlike satellite TV, is portable. You can take that radio from the home, to your office, on vacation, and even put in on your boat in the middle of the ocean and get your entertainment for a small cost. You can't take your TV satellite dish to all the places we just mentioned. Mel will use the marketing knowledge and skills learned with radio and cable and his past successes. What made people subscribe to cable for MTV and ESPN? It was entertainment and content that they could not get on regular TV. Same with radio, too many commercials, weak content, bland talent. Mel is betting the NFL and Stern to will be the door-openers, getting people to try, and eventually, to fall in love with satellite radio

Now the punch line: For all you media hounds - - you know who you are - - that played the Stern bashing in your papers, faxes, emails, you were had. While the trades and commercial press were printing and going out of their way to discredit Howard and even his appearance on Late Night with David Letterman show - - Clear Channel putting out their press release - - you all were had by Stern and Karmazin. He who laughs last.