Sirius Radio has named Mel Karmazin, the former president and chief operating officer of Viacom, as its chief executive, boosting its share price by 21 per cent. Sirius Radio is battling XM Satellite Radio, which has more than 2.5 million subscribers, for the lucrative US digital satellite radio market. Karmazin replaces Joseph Clayton, who will become chairman of the board.
The move sees Karmazin reunited with the radio personality and presenter Howard Stern, signed by Sirius this year in a $500 million five-year deal.
Karmazin has been a major influence in Stern's career, having hired the "shock jock" in the mid-80s when Karmazin was head of Infinity Records.
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