As the president-entertainment for Sirius, Mr. Greenstein, 46, is responsible for the company's content and marketing plans. While XM Satellite Radio relied on an agreement with General Motors Corp. to power most of its 5 million subscribers, Sirius has used high-profile programming deals. In addition to Howard Stern's five-year, $500 million contract, Sirius snapped up NFL rights for seven years and $220 million and leveraged brands such as Maxim, Cosmopolitan and Martha Stewart into programming entities. In addition to snaring Nascar rights starting in 2007 from XM, Sirius has also been adding market share-it accounted for 30% of the satellite radio subscribers at the end of third quarter 2005, up from 21% at the end of third quarter 2004.
Merrill Lynch analyst Larraine Mancini points out in a recent note the last two weeks of September saw pickups at a rate twice that of earlier in third quarter. One can't help but wonder how much of that is due to Mr. Stern's incessant on-air chatter about moving to Sirius.