Liberty adds new board members to Sirius XM

Tue Jan 22, 2013 9:47am EST

Jan 22 (Reuters) - Liberty Media Corp, now in full control of Sirius XM Radio Inc, has gone ahead with its plans to replace the satellite radio provider's board by adding three of its own insiders.

Three board members - Leon Black, Lawrence Gilberti and Jack Shaw - will leave, Sirius XM said in a statement on Tuesday. They will be replaced by Mark Carleton, a senior vice president at Liberty Media; Robin Pringle, a vice president of corporate development at Liberty Media and Liberty Interactive ; and Charles Tanabe, Liberty's former general counsel.

Sirius XM interim Chief Executive Officer Jim Meyer, who took over in December, is also joining the board, as previously announced. The company has not yet said whether Meyer will become full-time CEO, but has identified him as one of the candidates being looked at by the search committee.

Liberty said last year that it had planned to replace Sirius XM's board once it received approval from the U.S. Federal Communications Commission to gain control of the satellite radio provider.

Last week, Liberty took majority ownership of Sirius XM, buying another 50 million shares of the company's stock. Liberty now owns about 50.7 percent of Sirius XM's shares.

Liberty acquired an initial stake of about 40 percent in Sirius in 2009 as part of a deal in which it loaned the satellite radio broadcaster $530 million to help stave off bankruptcy.

Sirius XM ended the year with 23.9 million subscribers and maintains an estimated 70 percent market share of in-car radios sold in the United States.

Shares of Sirius XM were unchanged at $3.16 in early trading.

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