Report: Liberty Now Owns 49.5% Of Sirius XM
September 18, 2012 at 3:38 AM (PT)
LIBERTY MEDIA now owns 49.5% of SIRIUS XM RADIO, based on a filing with the SEC.
THE WALL STREET JOURNAL reports, LIBERTY "has converted nearly half of its preferred shares in SIRIUS XM RADIO INC. to common stock. Following the conversion, LIBERTY owns about 32% of the common stock in SIRIUS XM. Accounting for the preferred shares that haven't been converted, LIBERTY's effective stake in SIRIUS is 49.5%, the filing said."
LIBERTY's plans for the satcaster are unknown. Late last week (NET NEWS 9/13), there were reports that LIBERTY may not plan to spin off the satcaster when it gains control of the company. "We are in no rush to get out of the SIRIUS stake," LIBERTY MEDIA CEO GREG MAFFEI said at the BANK OF AMERICA MERRILL LYNCH Media, Communications & Entertainment Conference in BEVERLY HILLS, CA. MAFFEI added SIRIUS XM, which has more than 22.9 million subscribers, could one day make up the core of LIBERTY. "At some point (a spin-off) may become logical but I don't see that as something we need to get done in the near term," said MAFFEI.
The future of current CEO MEL KARMAZIN is also unknown. MEL KARMAZIN may have been accurately predicted his exit as CEO at SIRIUSXM RADIO when he told the audience at the BANK OF AMERICA MERRILL LYNCH Media, Communications & Entertainment Conference in BEVERLY HILLS, CA that he may leave the company when his contract expires on DECEMBER 31st.
KARMAZIN said, "I am certainly open to having a conversation, but certainly my instincts today are that LIBERTY does not need me at the company."