SiriusXM Asks FCC To Reject Liberty Media Takeover Request
June 12, 2012
SiriusXM has filed a request with the FCC, asking the Commission to reject Liberty Media's latest attempt for approval of control over the satcaster. According to The Wall Street Journal, yesterday SiriusXM asked the FCC to once again reject a filing from John Malone's company, which asked the Commission on May 31 to reconsider its original rejection of the plan to take control of the company by gradually acquiring a majority of its stock.
In its filing yesterday, SiriusXM said Liberty's filing "attempts to create the impression that Liberty Media has firmly committed itself to take control of Sirius XM. However, it provides no specific proposal on how or when Liberty Media intends to do so." According to the WSJ, SiriusXM added that Liberty's petition "offers nothing more than a refined menu of options for how Liberty Media might assume control of Sirius."
The filing continues, saying that Liberty "still has not stated definitively that it will convert its" preferred stock, initiate a proxy contest or buy more stock in the open market. "Liberty Media's inaction speaks louder than its words," SiriusXM concluded.