FCC Approves Liberty Media Application For Control Of SiriusXM
January 3, 2013 at 5:14 PM (PT)
The FCC has approved LIBERTY MEDIA's application for permission to purchase de jure control of SIRIUSXM RADIO, according to the buyer, which says it will officially take control of the satellite service within 60 days.
The approval comes five months after the deal was filed at the Commission, and LIBERTY has already installed JIM MEYER as Interim CEO to replace MEL KARMAZIN. It previously owned 49.8% of SIRIUSXM and will now pass the 50% mark. SIRIUSXM also issued a special cash dividend of 5 cents per share of common stock on DECEMBER 28th and instituted a $2 billion stock buyback program in DECEMBER as well.