It's Official: Liberty Gains Majority Control of Sirius
January 18, 2013 at 3:54 AM (PT)
In OCTOBER (NET NEWS 10/11/2012), LIBERTY MEDIA CEO GREG MAFFEI told investors that any future transaction with satcaster SIRIUSXM would depend on its ability to monetize high cost shares, a move that could take at least 18 months to complete. Well, it didn't take that long.
LIBERTY MEDIA CORP. gained majority control of SIRIUSXM with its latest purchase of 50 million shares. BLOOMBERG reports, "LIBERTY MEDIA now owns 1.99 billion common shares and 1.29 billion convertible shares, according to a filing yesterday. If the converted stock is added to the outstanding shares of NEW YORK-based SIRIUS, LIBERTY MEDIA owns about 50.5%."
With LIBERTY at the helm, many expect a new CEO to replace JAMES MEYER, who was named interim CEO in DECEMBER, replacing MEL KARMAZIN, who resigned last year.
BLOOMBERG notes, "LIBERTY will consider returning capital to SIRIUS shareholders with stock buybacks or a dividend."
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