Friday, January 18, 2013

Liberty Now Controls SiriusXM

Liberty Media Corp. , the holding company that announced plans last year to take over Sirius XM Radio Inc., gained majority control of the satellite-radio provider with its latest purchase of 50 million shares.

Bloomberg reports Liberty Media now owns 1.99 billion common shares and 1.29 billion convertible shares, according to a filing yesterday. If the converted stock is added to the outstanding shares of New York-based Sirius, Liberty Media owns about 50.5 percent.

Liberty plans to take control of the Sirius board, putting it in position to choose a new chief executive officer. James Meyer was named interim CEO in December, replacing Mel Karmazin, who resigned last year.

The Federal Communications Commission approved the transfer of broadcast licenses earlier this month, the last major hurdle preventing Liberty from finishing its takeover of the satellite- radio company.

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