Sirius XM Radio's Chairman, Gary Parsons, has stepped down from his position. Gary Parsons is the founder of XM and launched half of the satellite radio industry. Mr. Parsons believes "now is the right time to step aside." Sirius subscriber rolls, which include unsold cars at auto dealerships, has dropped to 18.5 million as of September, down from 19 million at the close of last year.
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Gary Parsons will be succeeded as Chairman by Eddy Hartenstein. Mr. Hartenstein is the CEO of the Los Angeles Times. He has also spent a few years as head of DirecTV (NYSE: DTV) and it has been widely speculated that they will find a way to cross-promote DirecTV satellite television subscriptions with Sirius XM satellite radio memberships.
About Sirius XM Radio
Sirius XM Radio Inc. has two principal wholly owned subsidiaries, XM Satellite Radio Holdings Inc. and Satellite CD Radio Inc. The Company is engaged in broadcasting in the United States, its music, sports, news, talk, entertainment, traffic and weather channels for a subscription fee through its satellite radio systems, the SIRIUS system and the XM system. On July 28, 2008, its wholly owned subsidiary, Vernon Merger Corporation, merged (the Merger) with and into XM Satellite Radio Holdings Inc. and, as a result, XM Satellite Radio Holdings Inc. became its wholly owned subsidiary.
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