Jan 3 The U.S. Federal Communications Commission
gave Liberty Media Corp the green light to take control
of satellite radio company, Sirius XM Radio Inc, Liberty said on
The company said it expects to complete the transfer of
control within 60 days.
Liberty, which is Sirius' largest shareholder, filed with
t he F CC in August r equesting control.
The company has effectively been acting as Sirius' owner
over the past several months, choosing new interim Chief
Executive Jim Meyer and initiating a stock buy back program and
Liberty wanted control of Sirius because it believed Mel
Karmazin, who left as CEO of Sirius in December, did not adapt
quickly enough to changing technologies.
Currently Liberty holds a 49.8 percent stake in Sirius
Liberty acquired its initial share in Sirius in 2009 as part
of deal in which it loaned the satellite radio service $530
While it has been increasing its ownership of Sirius, the
bulk of its stake is in the preferred shares it acquired in the
Liberty plans to convert the preferred shares into common
stock, but was waiting for FCC approval before making the move
that would push its ownership above 50 percent.