FCC Sets Pleading Cycle For Liberty Bid To Control SiriusXM
October 3, 2012 at 3:51 AM (PT)
The FCC has set the pleading cycle for LIBERTY MEDIA CORP.'s application to acquire SIRIUSXM RADIO. Petitions to deny the sale are due by NOVEMBER 1st, with oppositions due NOVEMBER 13th and replies due NOVEMBER 20th.
LIBERTY has proposed acquiring de jure control of the satellite radio company, having accumulated enough preferred shares to represent 47.3% of SIRIUS XM if converted to common stock and says that if its bid for control is approved by the Commission, it will buy enough additional shares and convert the preferred shares it owns so that it will own more than 50% of the company.