Digital Music News - It's Really That Much: Karmazin Grabs $32 Million In '07

It's Really That Much: Karmazin Grabs $32 Million In '07

Wednesday, April 30, 2008
by presnikoff

Sirius Satellite Radio chief executive Mel Karmazin cleared a massive $32.2 million in compensation last year, according to regulatory paperwork surfacing Wednesday. The outsized sum easily eclipses salaries paid to top management at XM Satellite Radio, including a behemoth, $12.1 million package grabbed by exiting chief Hugh Panero.

But Karmazin is no stranger to immense wealth. The executive scored $31.2 million last year, according to the filings. Meanwhile, both camps are aiming to blend their operations into a single satellite radio entity, though approval from the Federal Communications Commission (FCC) remains pending.

On the financial side, the top-heavy salaries could reflect a bigger problem related to financial discipline. Both companies continue to hemorrhage massive amounts of money each quarter, and it remains unclear if subscriber levels will grow enough to produce a profitable sector.

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