CNBC Press Releases

Mel Karmazin, CEO, Sirius XM

When: Monday, August 11th at 1:30PM ET
Where: CNBC's "Mad Money w/Jim Cramer"

Following is the unofficial transcript of a CNBC interview with Mel Karmazin, Sirius XM Radio Inc. CEO, on "Mad Money w/Jim Cramer."

All references must be sourced to CNBC's "Mad Money w/Jim Cramer."

CRAMER: ANYWAY, I HAVE TO STICK TO FORM, AND PEOPLE ARE TELLING ME I HAVE 30 SECONDS TO USE THESE THINGS. BUT I ALSO WANT TO BE SUBSTANTIVE. IT'S A STOCK THAT APPEARS TO HAVE BEEN -- WELL, IT HAS HURT PEOPLE, AND YET THE PRODUCT IS A LOVED PRODUCT, SO WE HAVE TO DEAL WITH THE NOTION YOU CAN HAVE A LOVED PRODUCT AND A BAD STOCK AND WHETHER THEY EVER MEET. SIRIUS/XM RADIO, THAT'S IT. YOU PROBABLY KNEW IT WAS COMING.MEL KARMAZIN IS THE CEO, AND COME ON BACK. MEL. ALL RIGHT. LISTEN TO ME. FIRST OF ALL, GOOD TO SEE YOU.

KARMAZIN: I'M NOT SO SURE IT'S GOOD TO SEE YOU, BUT, YOU KNOW.

CRAMER: IT TOOK ONE YEAR AND 158 DAYS AND IT WAS OVERDUE. WHEN I LOOK AT THE FINANCIALS, MEL, I THINK THE FCC COST YOU A BILLION.

KARMAZIN: THAT'S NOT THE WAY I LOOK AT IT. I GUARANTEE YOU THAT DISH AND DIRECTV WOULD HAVE LIKED TO HAVE HAD THE MERGER DONE. THE FACT IS IT TOOK A LONG TIME AND IT SHOULDN'T TAKEN THIS LONG BUT IT WAS WORTH WAITING FOR, BECAUSE I THINK THAT THESE COMPANIES TODAY ARE GOING TO CAPTURE THE VALUES AND YOU'RE GOING TO SEE THE STOCK IMPROVE. I CAN'T CONTROL THE STOCK, I CAN ONLY CONTROL THE COMPANY, AND WEARE DOING EVERYTHING RIGHT.

CRAMER: HOW IS IT THAT A BIG EVENT OCCURS, AND THAT NIGHT THE STOCK GOES FROM $2 TO $1.50.

KARMAZIN: IN ORDER FOR US TO CLOSE THE MERGER, WE NEEDED TO FINANCE A BILLION 250. A WEEK BEFORE WE WENT INTO THE DEBT MARKET, WANTED TO RAISE $400 MILLION ACTION AND WE RAISED $700 MILLION. THE LAST $500 MILLION NEEDED TO COME IN THE FORM OF A CONVERT. AND IT NEEDED TO COME THE DAY WE CLOSED BECAUSE WE COULDN'T CLOSE IT INTO ESCRO

CRAMER: MEAN YOU DIDN'T WANT ANYONE HOLDING THE DEAL UP.

KARMAZIN: WE KNEW THAT THE N.A.B. WAS GOING TO TRY TO GET A STAY.

CRAMER: THE NATIONAL ASSOCIATION OF BROADCASTERS, THEY HATE YOU PERSONALLY, TOO. I'VE BEEN HATED, SO I RECOGNIZE IT.

KARMAZIN: THEY HATE US BECAUSE OF THE DAMAGE WE'RE DOING TO TERRESTRIALL RADIO, I DON'T TAKE IT PERSONAL, BUT I DON'T CARE.

CRAMER: ACTUALLY, YOU DO TAKE IT PERSONALLY.

KARMAZIN: WE CAN TALK ABOUT THIS SOME OTHER TIME. AT THIS POINT WE NEEDED TO CLOSETHE MERGER, WE NEEDED TO CLOSE IT THAT NIGHT. I COULD HAVE TAKEN A RISK AND SAY LET'S WAIT TILL WE GET THE FINANCING. WE GOT THE DEAL DONE. WE RAISED VERY UGLY, WE RAISED A BILLION 250 OF NEW MONEY. NOW THE DEAL IS WE ARE FOCUSED ON RUNNING THE COMPANY NOW THAT WE CLOSED IT. DO I WISH THE MARKET WASN'T THAT WAY? YEAH, BUT WHAT CAN I DO? I COULD HAVE CLOSED OR NOT CLOSED. I TOOK THE HAND I WAS DEALT.

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