Liberty Media Assumes Control Of Another Satcaster
March 9, 2010 at 2:17 PM (PT)
LIBERTY MEDIA CORP. is about to expand its assets globally by taking over WORLDSPACE INC., which owns three satellites and broadcast spectrum reaching nearly worldwide outside the UNITED STATES, JAPAN and SOUTH KOREA.
Last SEPTEMBER, a LIBERTY MEDIA subsidiary assumed control of WORLDSPACE, which has been reorganizing in Chapter 11 bankruptcy since 2008 and defaulted on its financing owed under a court-approved plan. The DENVER BIZ JOURNAL cites documents that show LIBERTY MEDIA investing $21 million into WORLDSPACE since assuming control. LIBERTY MEDIA is expected to buy WORLDSPACE’s assets outright and set its new direction.
LIBERTY already owns 40% of SIRIUS XM Radio in the U.S.