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-- -- recorded a battle of the egos and a long battle -- -- media moguls the wind apparently going to liberty media's John Malone Mel commas and CEO of serious accent has announced that he'll step down in February as liberty prepares to take over serious Dennis -- covering the story.
Joins us now -- I guess is the end part of the final chapter I get.
It's a new chapter this -- tale of greed and betrayal and now it's official Mel Karmazin is out it's serious exhibit Karmazin calling it quits on February 1.
That the company he built.
Gets taken over by the billionaire he had turned to for a rescue -- cable cowboy John Malone controls liberty media and the serious deal is what his best ever in early 09 serious in danger of defaulting on its debt.
Malone had liberty loan 550 million dollars to serious when no one else would serious pay them back in full plus acres just six months later.
-- Malone got as his loan feet up 40% stake in serious for all of 121500.
That -- not worth three point six billion dollars.
Liberty it's been a few hundred million more to raise it -- just -- -- 50% so Mel Karmazin made it clear -- -- like working for a boss and Malone told me in July that now really ought to get over that.
But Karmazin has too much pride and look at how seriously successful he has -- He came into serious in late 2004 said -- subscribers up thirty fold to point three million.
Serious now and 70% of new cars he acquired the main rival -- revenue up fifteen fold in eight years to over three billion dollars this year so John Malone -- Mel Karmazin big time.
But it turns out -- -- Malone to Malone started -- serious last April.
And that is when Mel Karmazin started selling his shares since then Mel has sold some nine -- million shares reaping a staggering 170 million dollars in profit.
A successor search both inside and outside serious now under way.
Liberty guys are running -- -- -- for Mel Karmazin he is 69 years old.
But people who know -- say they would be shocked if this really is his last rodeo so take a watch on this one.
I don't think -- heard the last of mr.
comes in that is in numbers are very impressive forty did at serious alright Dennis thank you so much presented us.
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