Sirius XM CEO Mel Karmazin: "The Tough Part Is Over"

Published: August 7, 2008, 9:15 am

Tags: siri

We already know how Sirius (SIRI) did in Q2: The company preannounced preliminary results last week. Subscriber growth is down, but costs are flat, revenue is up 25% to $283 million, and the company posted a 70% smaller adjusted loss from operations than in Q2 of last year. So Sirius boss Mel Karmazin used his last standalone earnings call as a cheerleading session for what's next -- including the $400 million in synergies he's expecting from the newly combined Sirius XM Radio. His rhetoric is pretty much the same as he used on CNBC last week: Sirius XM is now the fastest growing subscription company, second only to Comcast in number of subscribers; it's second only to Clear Channel in radio revenues, and will blow past them soon; etc. As far as consumers go, Karmazin says it will be about three years before car makers will be able to sell an interoperable radio that can access programming from both networks -- that's just how long it takes to get new stuff in cars. But Sirius

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