By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Washington D.C. – The Federal Communications Commission (FCC) agreed to hear a request by Liberty Media to take control of SiriusXM Satellite Radio.
Liberty saved Sirius XM from near-bankruptcy in February 2009 by agreeing to lend it up to $530 million in exchange for preferred stock that, when converted to common stock, would give it a 40 percent stake in the satellite-radio broadcaster.
This year, Liberty has been buying additional SiriusXM stock, expects to own 48 percent of SiriusXM shares on a converted basis by Oct. 14, and told the FCC that within 60 days of FCC approval to transfer control, Liberty will have purchased enough shares to own more than 50 percent of SiriusXM.
The FCC is seeking initial comments by Nov. 1 and final responses by Nov. 20. The FCC said it will take action no sooner than 31 days following its decision to consider the petition.
Liberty Media’s consolidated wholly owned subsidiaries include Starz LLC, the Atlanta Braves, and TruePosition, which develops and markets technology for locating wireless phones and wireless devices. Liberty intends to spin off Starz as a separate publicly traded company, leaving Liberty’s other businesses being held as a separate publicly traded company.
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