Sirius XM boss Mel Karmazin keeps trying to convince investors that his satellite-radio company isn’t a terrible investment. His new argument: regular radio is even worse!
THR: Mel Karmazin, trying to shore up Wall Street support for Sirius XM Radio, told analysts that regular radio “sucks” as an investment while the company he heads deserves more respect because of its growth prospects.
The CEO’s message, delivered at a Merrill Lynch conference, seemed to fall on deaf ears Tuesday, though, and Sirius XM stock sank to a price not seen in more than five years.
Sirius XM shares fell 10% on Tuesday to $1.14 on the Nasdaq, their lowest point since May 21, 2003, when shares traded at $1.07.
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