Sirius XM To Buy Back $2 Million In Stock
December 6, 2012 at 5:49 AM (PT)
SIRIUS XM RADIO INC.'s Board of Directors has approved a $2 billion common stock buyback, with 49.8% owner LIBERTY MEDIA saying that it will participate on a pro rata basis so its relative ownership interest will not be affected by the program. The repurchases, which will be accomplished by both open market purchases and in private deals, will be funded by cash on hand, future cash flow from operations, and borrowing from the company's revolving credit facility.
In addition, the board declared a special cash dividend of 5 cents per share of common stock, payable on DECEMBER 28th to shareholders of record as of DECEMBER 18th. The total amount of the cash dividend is expected to be about $325 million.