Jan 18 Liberty Media Corp has taken
majority ownership of Sirius XM Radio Inc, a securities
filing showed, after months of trying to wrest control of the
satellite radio broadcaster.
John Malone's Liberty Media bought another 50 million shares
of Sirius stock at an average price of $3.15 per share,
according to a company filing made with the U.S. Securities and
Exchange Commission (SEC) on Thursday.
After that purchase, Liberty owns about 1.9 billion shares
of Sirius XM's common stock. It also separately owns about 1.29
billion preferred shares. Including the convertible preferred
shares, Liberty Media holds about 50.7 percent of Sirius XM's
outstanding common stock.
Liberty has been trying for months to take control of
Sirius. In January, the U.S. Federal Communications Commission
(FCC) gave Liberty Media permission to do so.
Malone's firm 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.
Liberty has argued that Sirius should more aggressively
pursue better technology and international expansion.
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
Sirius 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.