Liberty Media Raises Stake in Sirius XM Radio Above 50%

[Judi Lynn]

Source: Wall Street Journal

January 17, 2013, 6:36 p.m. ET
Liberty Media Raises Stake in Sirius XM Radio Above 50%

By JOHN JANNARONE

John Malone's Liberty Media Corp. LMCAD +1.13% bought another 50 million shares in Sirius XM Radio, SIRI +0.80% raising its stake above 50% and positioning it to take control.

In addition to the share purchase, made at an average price of $3.15 a share earlier this week, Liberty also converted its remaining preferred stock to common stock, according to filings with the Securities and Exchange Commission on Thursday.

Based on the number of Sirius shares outstanding in the satellite radio broadcaster's most recent disclosures, these moves raised Liberty's stake to about 50.7% of the company.

The transactions come a couple of weeks after Liberty received approval from the Federal Communications Commission to take control of Sirius. Liberty said it would do so within 60 days.

Liberty is now expected to take control of the board by electing new directors, a process that could be handled through a mail-in vote. Liberty isn't planning drastic changes in the board's makeup, a person familiar with its thinking has said.


Read more: http://online.wsj.com/article/SB10001424127887324468104578248290278586324.html

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(Short article, no more at link.)

Hoping they don't remove Sirius Talk Left.

[valerief]

1. I hope they ADD more Left talk!!!! nt

[cduebelhoer]

4. Second that

nt

[KoKo]

7. I'm a fan of "POTUS" ....so if they ditch that...I'm outta there! n/t

[Omaha Steve]

13. XM online has Left Plus

Channel 781.

[Great Caesars Ghost]

2. I would not be surprised if they give Glen Beck his own channel

which means Wilkow will move there, just to make room for Rush

[southernyankeebelle]

3. That is what I was thinking. With a name like Liberty all of a sudden it sounds right wing.

I know that the word Liberty isn't owned by anyone but you know how the right wing is. They are so petrified that the left is going to take over talk radio. They know we don't have their kind of money. It is so sad how we are losing our democracy because of the republican thugs.

[Politicub]

5. And the FCC approved the deal according to the company's website.

Why?

[southernyankeebelle]

8. I just don't know. Until the FCC treats liberal as equals to conservates this will keep happening.

Dems are no better than Repbs when lining their pockets for reelection. I am so disappointed at times. Politicans don't listen to us. Until people on both sides have had enough and take to the streets and protest nothing is going to be accomplished. Both parties and corporations will be scared to death when that happens. The sad thing is people will die in the streets to make the changes that are needed. Just like during the depression. When people have had enough.

[Botany]

6. W/ a name like liberty say good bye to Steph Miller and Ed Schultz on Sirius

n/t

[KoKo]

9. A little current WICKPEDIA on "Liberty"

Liberty Media Corporation (commonly referred to as Liberty Media or Liberty) is an American mass media controlled by company Chairman John C. Malone, who owns a majority of the voting shares.

SOME SNIPS from the LATEST...although their Background on WICKI is worth a read of how our FCC has Trashed American Public TV/Radio Viewers/Listeners for the past few decades.

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From WICKIPEDIA:

In April 2007, Liberty completed a purchase of Green Bay, Wisconsin, television station WFRV-TV, and satellite station WJMN-TV in Escanaba, Michigan, which serves the Marquette, Michigan, market. The deal was part of a swap of 7.59 million shares of common stock in CBS, the stations' owner, that was held by Liberty Media; in exchange for the stock, CBS gave liberty the stations and $170 million in cash.[27] Liberty announced plans in April 2011 to sell WFRV and WJMN to Nexstar Broadcasting Group for $20 million;[28] the stations were the only over-the-air broadcast properties in Liberty's portfolio.[citation needed]

On February 17, 2009, Liberty announced that it would invest up to $530 million into the struggling Sirius XM Radio Inc., in a structured deal that would help the satellite radio provider avoid filing bankruptcy protection by meeting its obligations. The deal also provided for two board seats for Liberty Media, and provided cash for operations and development, with a maturity date of December 2012 for the loan.[29] On March 6, the two companies approved the second part of the deal, with Sirius XM getting $250 million immediately and Liberty receiving 12.5 million shares of preferred stock convertible into a forty percent ownership of Sirius XM common stock.[30]
The 2010s


MUCH MORE AND BACKGROUND AT:

http://www.bing.com/search?q=Liberty+Media%2C+Wicki&form=MOZSBR&pc=MOZI

On the Fortune 500 list 2011, Liberty Media was ranked 224, moving up from 2010 when they were ranked 227.[31]

In June 2011, Liberty announced it was in talks to buy a seventy percent stake in the Barnes & Noble bookstore chain, although in August, sources told the Financial Times it was losing interest in such a transaction.[citation needed] Liberty eventually purchased a sixteen percent stake in the form of preferred stock in Barnes & Noble for $204 million.[citation needed]

On August 8, 2012, Liberty Media announced that they will spin-off Starz into a separate publicly traded company.[32]

MORE ON "Liberty's History at:

http://en.wikipedia.org/wiki/Liberty_Media

[Botany]

10. Well John Malone is a smart fellow

http://en.wikipedia.org/wiki/John_C._Malone

but I couldn't get any read on his politics

[KoKo]

14. McCain Donor in 2007 for '08 Campaign..and More from Forbes Mag. Al Gore Called him Darth Vader!

John Malone

Net Worth
$5.6 B As of September 2012

At a Glance

Age: 71
Source of Wealth: cable television, self-made
Residence: Elizabeth, CO
Country of Citizenship: United States
Education: Doctorate, Johns Hopkins University; Master of Science, Johns Hopkins University; Bachelor of Arts / Science, Yale University
Marital Status: Married
Children: 2

Forbes Lists
#57 Forbes 400
#199 Forbes Billionaires

#62 in United States






Cable crusader is waging his latest battle for control of satellite radio company Sirius, upping his Liberty Media's stake in the company and trying to wrest control of more board seats, despite resistance from its CEO Mel Karmazin. Malone, who U.S. Vice President Al Gore once called "Darth Vader", has squared off against other formidable opponents including Viacom's Sumner Redstone over the years. In 2010, he unwound his 17-year partnership at InterActiveCorp with Barry Diller. The former partner of TCI Cable founder Bob Magness (d. 1996), he sold what was then the nation's largest cable company to AT&T in 1999 for $54 billion. Today his Liberty Media owns stakes Sprint Nextel, Live Nation, Barnes & Noble and pro baseball's Atlanta Braves. It also owns a stake in Discovery Communications, which was spun off from Liberty Media in 2005. Malone is also now the country's largest individual landowner with nearly 2.2 million acres in Maine, Maryland, New Mexico, Colorado and Wyoming. He's given over $150 million over the years largely in support of education; in 2011, he gave $50 million to his alma mater Yale

MORE WITH PHOTO AT:
http://www.forbes.com/profile/john-malone/


-----------------------------

GAVE TO John McCain for PRESIDENT CAMPAIGN in 2007 for 2008 Election


MALONE, JOHN C. MR.
ELIZABETH, CO
80107 LIBERTY MEDIA/EXECUTIVE $2,100 01/19/2007 P JOHN MCCAIN 2008 INC. - Republican


80107 LIBERTY MEDIA/EXECUTIVE $2,500 04/16/2007 P JOHN MCCAIN 2008 INC. - Republican
MALONE, JOHN C. MR.
ELIZABETH, CO


SOURCE:

http://www.campaignmoney.com/political/contributions/john-malone.asp?cycle=08

80107 LIBERTY MEDIA/EXECUTIVE $-2,300 04/16/2007 P JOHN MCCAIN 2008 INC. - Republican

MALONE, JOHN C. MR.
ELIZABETH, CO
80107 LIBERTY MEDIA/EXECUTIVE $-65,500 05/29/2008 P MCCAIN VICTORY 2008 - Republican

[neverforget]

12. Jerry Falwell's Liberty University has given Liberty a bad name

[KoKo]

16. See Post Above. When John Malone took it over...it might deserve bad name.

I think at one time it was a small group and Dem Leaning ...but, through the years bought and sold and John Malone owns it now.

[zinnisking]

11. "Liberty Media" *sigh* That does not sound good.

I bought my first subscription to XM in '04 or '03 when Air America was launched. Air America is no more but there are just as many lefties on 'Left'. Randi Rhodes is on another channel broadcast between a bunch of republican shows.

The standup comedy channels are another favorite of mine but if they butcher left talk, I'm gone. I won't panic yet. Off to google to find out about Liberty Media.

[YOHABLO]

15. I am happy that they are buying stock in Sirius/XM .....

that's how I listen to all my left talk radio programs. If we don't keep them going on the airwaves we are screwed

[KoKo]

17. John Malone might not share our Left Leaning views about Sirrus...

I wonder if he will keep POTUS and TALK LEFT. He donated to McCain in 2007...can't find his 2012 donations...but, probably likely for Romney.

[Great Caesars Ghost]

18. I feel he's a Beck-Bot