FCC OKs Liberty Takeover Of SiriusXMEnglewood, Colo.—Liberty Media said it received approval from the Federal Communications Commission (FCC) to take control of satellite-radio broadcaster SiriusXM. 1/04/2013 06:46:00 AM Eastern
Englewood, Colo.—Liberty Media said it received approval from the Federal Communications Commission (FCC) to take control of satellite-radio broadcaster SiriusXM.
Liberty said it expects to complete the transfer of de jure control within 60 days.
Liberty saved Sirius XM from near-bankruptcy in February 2009 by lending 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. In 2012, Liberty bought additional SiriusXM stock for a 49.6 percent ownership stake. When it applied roval to take control, Liberty said that within 60 days of FCC approval, it will have purchased enough shares to own more than 50 percent of SiriusXM.
Liberty owns the Atlanta National League Baseball Club and TruePosition and owns interests in Starz, SiriusXM, Live Nation Entertainment and Barnes & Noble. It also owns minority equity investments in Time Warner and Viacom.
With Liberty planning to take control, Mel Karamzin stepped down in December as SiriusXM CEO and was replaced on an interim basis by Jim Meyer, SiriusXM's sales and operations president. Karmazin also resigned as a SiriusXM board member.