Latest stock buy puts it over 50%
Liberty Media dipped into its wallet and acquired another 50 million shares of SiriusXM, putting it over the 50% mark to close the circle as its push to take over the satellite radio broadcaster looks pretty much complete now.
Liberty, which had worked up to about 49.7%, received approval from the Federal Communications Commission last month to take “de facto” control and had 60 days to buy the additional shares it needed to put it over the top.
In an SEC filing, Liberty said it acquired 50 million shares of Sirius for just under $3.16 each this Tuesday, bringing it to 50.7%.
Now the question is what’s next for SiriusXM. Liberty has discussed a few possible scenarios but investors will be looking for more specific guidance now that John Malone’s company is officially reeling the broadcaster in. Sirius execs including new CEO James Meyer will talk to the Street on Feb. 5 when it reports fourth quarter earnings. Liberty hasn’t announced at date for its numbers yet but it will likely be shortly after.