Liberty Media to make Sirius XM a wholly owned unit

Fri Jan 3, 2014 4:59pm EST

Jan 3 (Reuters) - John Malone-owned Liberty Media Corp said it would make satellite radio provider Sirius XM Holdings Inc a wholly owned unit of Liberty.

In January 2013, Liberty Media became Sirius's majority owner after U.S. regulators gave it the green light to take control of the satellite radio operator.

Liberty said on Friday each share of Sirius common stock would be converted into 0.0760 of a new share of Liberty's Series C common stock.

Liberty said following completion of the deal, Sirius's public shareholders would own about 39 percent of Liberty's outstanding common stock.