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.