SiriusXM CEO Karmazin Calls Internet Radio 'Race to the Bottom' on Earnings Call
SiriusXM CEO Karmazin Calls Internet Radio 'Race to the Bottom' on Earnings Call

Mel Karmazin earned $11 million in 2012, his last year as CEO of Sirius XM Radio, up from $10.7 million the previous year.

Karmazin, who relinquished his role in December as Liberty Media was taking control of it through stock purchases, earned the bulk of his compensation via a $9.5 million cash bonus that was based in part on increases in subscribers, up 2 million in 2012 to 23.9 million, and a 71% increase in free cash flow to $709 million.

Current CEO James Meyer earned $3.3 million in 2012, up from $3.1 million, the company said in a regulatory filing Wednesday.

Chief content officer Scott Greenstein made $2.4 million, up from $2.3 million, and CFO David Frear was paid $2.1 million, down from the $20.8 million he made a year earlier when he was awarded $18.9 million in stock options.

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