Industry Roundup
Karmazin joins Sirius: The satellite radio service gained some serious traction in its recent acquisition of former Viacom, Inc. president Mel Karmazin. Just one month after signing "shock jock" Howard Stern to a multimillion-dollar contract, Sirius signed Karmazin to a five-year contract, bringing him in as its new chief executive officer. Joseph Clayton will relinquish the CEO title but remain chairman of the board. Karmazin departed Viacom in June and began discussions in earnest with Sirius after the satellite service landed Stern, in a move Karmazin described as "brilliant." Karmazin had previously dismissed the potential of satellite radio, but now believes it could be huge—larger, perhaps, than the growth he helped nurture at Infinity Broadcasting, which he took from a few stations to more than 200. Sirius stock rose more than 10% on the day Karmazin's contract was announced.