Liberty set for takeover of Sirius Radio

Company asks FCC to approve change in control

Liberty Media is poised to take control of Sirius XM Satellite Radio in the coming weeks as John Malone’s holding company amasses a more than 50% stake in the radio satcaster.

Liberty filed an application with the FCC on Friday to approve the transfer of control Sirius once it completes a series of stock purchases that will boost its stake from 46% at present to more than 50%.

In a filing Friday with the Securities and Exchange Commission, Sirius said it would “cooperate fully” with the FCC’s evaluation of Liberty’s application. That marks a sea change from Sirius’ stance on Liberty’s takeover maneuvers during the past two years.

Liberty bailed Sirius out of dire financial straits in 2009 with a loan that kept the company afloat. Since then, however, Malone and Sirius CEO Mel Karmazin have been jousting over Liberty’s efforts to take control of the satcaster, which has about 22.9 million subscribers.

Amid the takeover talk, Sirius shares have been on the upswing during the past three months, closing Friday at $2.56.

More Biz

  • Paul Haggis Lawsuit

    Paul Haggis Hit With Lawsuit for Alleged Rape, Claims a $9 Million Shakedown

    Liberty Media is poised to take control of Sirius XM Satellite Radio in the coming weeks as John Malone’s holding company amasses a more than 50% stake in the radio satcaster. Liberty filed an application with the FCC on Friday to approve the transfer of control Sirius once it completes a series of stock purchases […]

  • Sirius Logo

    SiriusXM Hit With Big Rate Hike by Copyright Royalty Board

    Liberty Media is poised to take control of Sirius XM Satellite Radio in the coming weeks as John Malone’s holding company amasses a more than 50% stake in the radio satcaster. Liberty filed an application with the FCC on Friday to approve the transfer of control Sirius once it completes a series of stock purchases […]

  • Leonardo Da Vinci Salvator Mundi Auction

    How a Restored da Vinci Became the Most Expensive Artwork Ever

    Liberty Media is poised to take control of Sirius XM Satellite Radio in the coming weeks as John Malone’s holding company amasses a more than 50% stake in the radio satcaster. Liberty filed an application with the FCC on Friday to approve the transfer of control Sirius once it completes a series of stock purchases […]

  • Barry Diller Hollywood

    Barry Diller Eyes $30 Million Gondola to Hollywood Sign (EXCLUSIVE)

    Liberty Media is poised to take control of Sirius XM Satellite Radio in the coming weeks as John Malone’s holding company amasses a more than 50% stake in the radio satcaster. Liberty filed an application with the FCC on Friday to approve the transfer of control Sirius once it completes a series of stock purchases […]

  • Terry Crews WME

    Terry Crews Signs With UTA After WME Battle

    Liberty Media is poised to take control of Sirius XM Satellite Radio in the coming weeks as John Malone’s holding company amasses a more than 50% stake in the radio satcaster. Liberty filed an application with the FCC on Friday to approve the transfer of control Sirius once it completes a series of stock purchases […]

More From Our Brands

Access exclusive content