In this article by the New York Times, Howard Stern is made out to look like a sell out. That he gave up his popularity on terrestrial radio for a big paycheck on satellite radio.

What a joke that is. If I remember correctly the FCC fined Stern like every other day. He was creatively trapped in terrestrial radio. His act is to be over the top. That is where his passion is and satellite radio offered him a home to be able to do that.

Also in the article The New York Times recently sat down with Mel Karmazin to get the scoop on what's going in the satellite world.

Here are some quotes from the article:

“I don’t think that the performance of the stock is related to the performance of the company,” he says. “It’s related to the balance sheet of the company and the need for the company to refinance.”

Ironically, one rationale for the merger was the expectation that the combined company could borrow money more cheaply. “The bankers who covered the deal believed that one of the synergies of the merger was the ability to refinance at a lower level,” says Mr. Karmazin.

“Warren Buffett managed to get a 10 percent coupon from G.E. and Goldman Sachs,” says Mr. Karmazin, speaking of the interest rate that Mr. Buffett, the Omaha investing legend, was promised for his recent investments in both companies. “So if you are Sirius XM, what should the coupon be?”

“If you take a look around at all of the media space — I’m not trying to paint the rosy picture because we have challenges connected to our liquidity and certainly our stock price is dreadful,” Mr. Karmazin says. “But, you know, our revenues are growing double digits. We’re growing subscribers. We’re not losing subscribers.

“So if would be unfair to compare us to a newspaper business that’s losing circulation and losing revenue, traditional television, traditional radio,” he adds. “They have fundamental company flaws or industry flaws.”

Mr. Karmazin, when asked if he thinks Mr. Stern has lost his place in the culture, says: “I think the size of the audience is less today. And I think one of the things Howard was looking forward to with the merger is that we’ll have twice as many subscribers potentially available to listen to him.”

It seems that if Mr. Stern were to stay beyond his current contract, which expires at the end of 2010, he would have to accept less money, given the finances of the company and the fact that there are no longer two satellite radio companies battling each other.

“I really can’t speak for what Howard would do,” Mr. Karmazin says. “You know, heavy expectations believe that he would stay. Because why wouldn’t he stay? He’s having a good time. He’s enjoying himself. He’s paid fairly for it.”

Mr. Karmazin doesn’t duck responsibility by laying his corporate problems on the economy. He tells shareholders at the annual meeting to consider him the company’s Joe Torre and blame him for any and all problems.

“There’s no question, this company needs to make money,” he tells shareholders. “This company has a lot going for it, but it has never made a dime.”

During the shareholder meeting, Mr. Karmazin acknowledges that bankruptcy is a possibility if the company cannot reach agreement with lenders, but he says it is unlikely.

“You have to play the hand you’re dealt,” he says in the interview. “Right now, I don’t like my hand. But we’ll play it.”