Sirius to buy back $2 bln shares, announces special dividend

Thu Dec 6, 2012 8:38am EST

Dec 6 (Reuters) - Satellite radio company Sirius XM Radio Inc said its board approved a $2 billion common stock repurchase program.

Liberty Media Corp, which owns about 49.8 percent of Sirius' stock, said it will participate in the company's share repurchases on a pro rata basis so that its relative ownership interest will not be affected by the program.

Sirius also declared a special cash dividend of 5 cents per share of common stock, payable on Dec. 28 to shareholders as of Dec. 18's close. The company expects to pay a total of about $325 million in cash dividends.

Sirius' shares were up about 3 percent at $2.86 in pre-market trading on Thursday. They closed at $2.77 on Wednesday on the Nasdaq.

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