The financial woes of 2009 are a distant memory and SiriusXM just reported record results for Q2 of 2011. CEO Mel Karmazin is a happy man – and he’s already looking forward to 2012.
In his conference call with Wall Street analysts, Karmazin referred to the business where he made his fortune, AM & FM radio (Infinity Broadcasting – which he merged into CBS and then merged CBS into Viacom), as “wounded,” but he also said it is still the “300-pound gorilla” with far and away the biggest pile of radio revenues, but he insisted that satellite radio is the best place to be.
|Karmazin Clip 1:|
With satellite radio subscriptions at a record 21 million, Karmazin is bullish on where the company is going in 2012. He isn’t yet giving out numbers for next year – but just wait until his Q3 report in three months.
|Karmazin Clip 2:|
RBR-TVBR observation: After all of the years we heard Mel pitching radio to Wall Street, we have to chuckle now when he refers to it as “wounded.” It appears he hasn’t been able to persuade his son to flee this wounded industry. In fact, Craig seems to be doing pretty well as far as we can tell.