Sirius XM Radio CEO Mel Karmazin told Bloomberg Television today (Aug. 14) that the newly merged company plans to eliminate executive positions in order to cut costs. He said he had already identified jobs that could be cut to create substantial savings.

Karmazin added that the combined company would introduce new products based on technology XM Satellite Radio was in the process of developing before the takeover.

"We need to get the revenue up beyond the cost of operating our business,'' he said, revealing that he would provide additional details about the cuts next month.