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Vote of Confidence: Karmazin Grabs Two Million Shares of SIRI

Monday, August 04, 2008
by  alexandra

XM Sirius Radio chief Mel Karmazin has now purchased two million shares in the company, according to disclosures filed Monday.  The purchase, which closely follows an approved merger between between XM Satellite and Sirius, offers a vote of confidence in the combined stock.  The shares were purchased at the rather depressed $1.37, according to SEC paperwork, and Karmazin now owns more than 8.5 million shares.

Elsewhere, Sirius Satellite chairman Joseph Clayton has stepped down, replaced by incoming Sirius XM Radio chairman Gary Parsons.  In total, the Sirius XM Radio board will carry eight members, instead of a combined twelve.  Also exiting are Warren Lieberfarb and Michael McGuiness.



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