Liberty Media Increases Its Share Of Sirius XM
May 8, 2012 at 7:56 AM (PT)
LIBERTY MEDIA may have been denied the ability to take control of SIRIUS XM RADIO by a federal regulator on FRIDAY (NET NEWS 5/7), but apparently they're going to continue to try.
THE WALL STREET JOURNAL reports LIBERTY "has struck a deal to raise its effective stake in SIRIUS XM RADIO to 45.2%. The media investment company, controlled by mogul JOHN MALONE, has agreed to buy 302 million shares for $2.15 each -- at a total cost of $650 million -- and expects the transaction to close in the third quarter."
Meanwhile, LIBERTY reported Q1 operating profit was up 21% as higher selling prices and demand from Web shoppers gave a lift to its QVC home-shopping business.