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Thu Jan 17, 2013, 08:26 PM

Liberty Media Raises Stake in Sirius XM Radio Above 50% [View all]

Source: Wall Street Journal

January 17, 2013, 6:36 p.m. ET
Liberty Media Raises Stake in Sirius XM Radio Above 50%

By JOHN JANNARONE

John Malone's Liberty Media Corp. LMCAD +1.13% bought another 50 million shares in Sirius XM Radio, SIRI +0.80% raising its stake above 50% and positioning it to take control.

In addition to the share purchase, made at an average price of $3.15 a share earlier this week, Liberty also converted its remaining preferred stock to common stock, according to filings with the Securities and Exchange Commission on Thursday.

Based on the number of Sirius shares outstanding in the satellite radio broadcaster's most recent disclosures, these moves raised Liberty's stake to about 50.7% of the company.

The transactions come a couple of weeks after Liberty received approval from the Federal Communications Commission to take control of Sirius. Liberty said it would do so within 60 days.

Liberty is now expected to take control of the board by electing new directors, a process that could be handled through a mail-in vote. Liberty isn't planning drastic changes in the board's makeup, a person familiar with its thinking has said.


Read more: http://online.wsj.com/article/SB10001424127887324468104578248290278586324.html



(Short article, no more at link.)

Hoping they don't remove Sirius Talk Left.

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Reply Liberty Media Raises Stake in Sirius XM Radio Above 50% [View all]
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