Aug. 4 (Bloomberg) -- Mel Karmazin, chief executive officer of Sirius XM Radio Inc., bought 2 million shares of the satellite broadcaster today, bringing his stake to more than 8.5 million shares.

Karmazin, 64, paid $1.37 a share, or $2.74 million, according to a regulatory filing. New York-based Sirius fell 7 cents to $1.39 in Nasdaq Stock Market trading. It has declined 54 percent this year.

With today's purchase, Karmazin owns $11.8 million of the stock directly and 33,800 shares through a retirement plan, the filing said. There are more than 3 billion shares of Sirius outstanding, according to Bloomberg data.

Sirius completed its $2.76 billion all-stock takeover of former rival XM Satellite Radio Inc. on July 29 after winning approval from the U.S. Federal Communications Commission.

The company has more than 18.5 million subscribers.

To contact the reporter on this story: Todd Shields in Washington at tshields3@bloomberg.net

Last Updated: August 4, 2008 18:09 EDT