Report: Liberty Tells FCC It Wants Control Of SiriusXM
August 17, 2012 at 2:16 PM (PT)
Confirming its intent to take over stewardship of SIRIUSXM (NET NEWS, 8/17), LIBERTY MEDIA has asked the FCC to approve its move to assume outright control of the satcaster, THE WALL STREET JOURNAL reports. LIBERTY confirmed that it plans to raise its stake in SIRIUS above 50%.
In TODAY's filing, LIBERTY said it will "have purchased sufficient shares of SIRIUS' common stock and will convert its preferred shares such that the transfer of control will be completed within 60 days of commission consent."
By owning majority interest in SIRIUSXM and getting FCC approval, LIBERTY head JOHN MALONE will then have the power to replace SIRIUSXM management and pursue other options.