Liberty Media ups stake in Sirius to 46 pct

Wed May 9, 2012 9:36pm EDT

May 9 (Reuters) - John Malone's Liberty Media said it bought another 60.35 million shares in Sirius XM, raising its stake in the satellite radio company to 46.2 percent.

Liberty Media, which already has a 40 percent stake in Sirius, has tried to take control of Sirius' business in recent weeks.

On Tuesday, the Englewood, Colorado company confirmed it entered into a forward purchase contract for 302 million shares of Sirius XM, with a forward price of $2.15 per share for a total of $650 million.

Executives at Liberty Media had said the company could boost its stake above 49.9 percent. It already holds five of Sirius XM's 13 board seats.

Last week, the U.S. Federal Communications Commission dismissed an application by Liberty Media to take de facto control of Sirius.

Liberty Media has the right to file a petition for reconsideration of the application within 30 days. The company said it has not yet taken any action with respect to such petition or application.

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