|
CONTACT INFORMATION
Manager, Public Relations
Email:
Division: CNBC
LATEST CNBC PRESS RELEASES
- CNBC EXCLUSIVE: CNBC MEDIA ALERT: CNBC'S MARIA BARTIROMO SPEAKS WITH MARK HURD, HEWLETT-PACKARD PRESIDENT & CEO, TODAY ON CNBC'S "CLOSING BELL WITH MARIA BARTIROMO"
- CNBC PRESENTS "MEETING OF THE MINDS: REBUILDING AMERICA" ON WEDNESDAY, DECEMBER 2ND AT 8PM ET
- CNBC PRESENTS "INSIDE THE MIND OF GOOGLE"
- CNBC CHECKERBOARD PROGRAMMING FOR THE WEEK OF NOVEMBER 30TH (ALL TIMES ARE ET)
- AMERICAN GREED - SEASON 4 (ALL TIMES ARE ET)
- CNBC'S "INSIDE THE MIND OF GOOGLE" TO PREMIERE ON DECEMBER 3RD (ALL TIMES ARE ET)
CNBC Press Releases
Text Size 
WHEN: Wednesday, July 30, 2008
WHERE: CNBC's "Squawk on the Street"
Following is the unofficial transcript of a FIRST ON CNBC interview with Mel Karmazin, the new CEO of the combined Sirius/XM Satellite Radio.
All references must be sourced to CNBC
CNBC's David Faber: MEL KARMAZIN, THE CEO OF THE NEW COMBINED SIRIUS/XM SATELLITE RADIO. A PLEASURE TO HAVE YOU.
Mel Karmazin: THANKS. GOOD TO BE HERE, DAVID.
Faber: 17 MONTHS AGO, YOU ANNOUNCED PLANS TO GET THESE TWO COMPANIES TOGETHER. YESTERDAY YOU CLOSED THIS DEAL. DID THE LONG PERIOD OF TIME HURT THE PROSPECTS FOR THIS COMBINED COMPANY?
Karmazin: NO. I THINK THE PROSPECTS FOR THE COMBINED COMPANY ARE EXTRAORDINARY. IT CERTAINLY PUT THE COMPANY IN LIMBO FOR FAR TOO LONG. IT CERTAINLY HAD CONFUSION IN THE MARKETPLACE, IN RETAIL PARTICULARLY. AND IT ALSO PUT US ON RADIO SILENCE AS FAR AS TALKING TO INVESTORS. SO, IT TOOK FAR TOO LONG. I'M GLAD IT'S DONE. I LIKE THIS OUTCOME BETTER THAN TAKING THE TIME AND HAVING IT NOT HAPPEN. WE HAD TO DEAL WITH THE CHANGE OF CONTROL IN XM DEBT. SO, IN THE LAST WEEK, IN A VERY UGLY MARKET, WE RAISED $1.250 BILLION. IT WAS UGLY RAISING THE MONEY, BUT THE GOOD NEWS IS WE GOT IT DONE, AND WE RAISED THE LAST PIECE OF THE MONEY ON MONDAY NIGHT AT 7:00, AND WE CLOSED THE MERGER MONDAY NIGHT AT 8:00.
Faber: ON THE POINT OF MONEY, ARE YOU DONE? ARE YOU FULLY FINANCED AT THIS POINT AT SIRIUS XM?
Karmazin: YEAH. ANY LIQUIDITY QUESTION THAT HAD EXISTED ON THE INDIVIDUAL COMPANIES, OBVIOUSLY, ARE NOW PUT TO REST.AND ON THE COMBINED COMPANY, YOU KNOW, WE HAVE A FULLY FUNDED PLAN. YOU KNOW, WE HAVE SOME CONVERTS THAT COME DUE IN 2009, AND WE'RE OPTIMISTIC THAT ON THE SIRIUS SIDE, THAT INVESTORS WILL START TO SEE THE VALUE OF THIS COMBINATION AND WE'LL PRICE THROUGH. IT AND IF FOR ANY REASON WE DON'T, YOU KNOW, WE'LL JUST ROLL THOSE OVER SOME TIME IN 2009 OR FINANCE IT WITH SOMETHING THAT MIGHT BE MORE ATTRACTIVE. BUT YEAH, YOU KNOW, WE FEEL REALLY GOOD ABOUT OUR LIQUIDITY.
Data is a real-time snapshot *Data is delayed at least 15 minutes