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Karmazin: Regular radio 'sucks'


September 09, 2008 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 sunk to a price not seen in more than five years. Karmazin, who called his guidance "very, very conservative," stressed that Sirius XM will show about 13% revenue growth next year compared with growth of negative 3% for the traditional radio industry.

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