Liberty Media Asks FCC To Approve SiriusXM Takeover
August 17, 2012
John Malone's Liberty Media has asked the FCC to approve its plan to take control of SiriusXM. According to The Wall Street Journal, Liberty Media asked the Commission in a filing for approval and also confirmed it hopes to increase its share of the satcaster past 50 percent.
In the filing, Liberty said that it "have purchased sufficient shares of Sirius' common stock and will convert its preferred shares such that the transfer of control will be completed within 60 days of commission consent."
In another filing with the SECearlier this week, Liberty Media announced it bought almost 90 million more shares in SiriusXM at an average price of $2.50 each, totaling $225 million. Liberty also agreed to buy roughly 41 million more shares of the satcaster via a forward purchase contract that expires in October. Liberty already held 46.2 percent of SiriusXM but these moves will increase its share to 48 percent.