Nader Calls Out Liberty Media Over SiriusXM Buy-Out Plan
January 7, 2014

After Liberty Media proposed a plan to make SiriusXM Radio a wholly owned subsidiary, consumer advocate Ralph Nader called the offer "ludicrous" and demanded that activist investor Carl Icahn take notice. Nader, a Sirius shareholder, said on Monday that Liberty’s $3.68-a-share bid was below the $4 where the company was trading a few weeks ago, according to a report in the New York Post.

"I am sure that I along with other shareholders in SiriusXM will be interested in a legal challenge to John Malone's company for lowballing Sirius XM's shareholder value," Nader said in a statement. "Carl Icahn — take notice and interest."

Liberty already owns a controlling stake in the satcaster, but if shareholders approve its plan, all outstanding shares of common stock of the Company not owned by Liberty would be converted into the right to receive 0.0760 of a new share of Liberty Series C common stock. In a press release explaining the proposal, Liberty indicated that it intends to distribute, on a 2:1 basis, shares of Liberty's Series C common stock to all holders of record of Liberty's Series A and B common stock. Upon the completion of the transaction, Liberty then expects that SiriusXM's public stockholders would own approximately 39 percent of Liberty's then-outstanding common stock. SiriusXM's Board of Directors is forming a Special Committee of independent directors to consider Liberty's proposal.




 
Breaking News
eQB NOW
The Week In Review: 10/20-10/24
Beasley Broadcast Group Issues Third Quarter Results
Pandora Reports Q3 2014 Financial Results
Deezer Acquires Stitcher
In Brief - October 24, 2014
October 23, 2014
Nielsen Reports Third Quarter 2014 Results, Announces $1B Share Repurchase Authorization
iHeartRadio Now Available For Use In Apple's CarPlay
In Brief - October 23, 2014
October 22, 2014
Pandora AMP Allows For "Large Scale" Artist Analytics
Spanish Broadcasting System Names Eric Garcia Radio Revenue Chief, GM, New York Market
The Conclave To Honor Ginny Morris With The Rockwell Award
In Brief - October 22, 2014
October 21, 2014
Report: Ron Fair Departs Virgin Records
Adobe, Nielsen To Create Comprehensive Measurement Platform For Digital Content
DMR/Interactive Names Doug Smith VP/Marketing Strategy
Triton Digital's August 2014 Ranker: Major News Events Show Impact On Top 20 Streaming Audio Markets
October 20, 2014
iHeartMedia San Francisco Names Mark Adams PD of KYLD & KIOI
Premiere Networks Promotes Claudine Cazian To VP/Programming & Branded Entertainment
Entercom Names Carlos Lamadrid VP/National Sales, Strategic Partnerships
Pandora Hires Steve Bené As General Counsel
In Brief - October 20, 2014
October 17, 2014
In Brief - October 17, 2014
The Week In Review: 10/13-10/17
October 16, 2014
Music News
Taylor Swift Talks Pop Genre, 1989 & More
The Week In Review: 10/20-10/24
Quick Hits: The Grammys, Sam Smith, Foo Fighters, The Grateful Dead
Taylor Swift Reveals Songs of 1989
One Direction Goes "On The Road Again"
Quick Hits: American Music Awards, Justin Timberlake, New Now Next Awards, Foo Fighters, Jake Miller, ShipRocked
Florida Georgia Line, Bob Seger Lead Sales Chart
Quick Hits: Taylor Swift, Foo Fighters, Gwen Stefani, Cold War Kids
Charli XCX, Haim and More Contribute to Hunger Games
Quick Hits: Meghan Trainor, Smashing Pumpkins, Milky Chance
U2 Sits Down For Intimate Radio Special
Quick Hits: Coldplay, Gwen Stefani, Foo Fighters, Dropkick Murphys, Madisen Ward and the Mama Bear
One Direction Reveal Four Tracklist
The Week In Review: 10/20-10/24
Quick Hits: Iggy Azalea, U2, Snoop Dogg / Pharrell, iHeartRadio Fiesta Latina
FMQB NOW

Christopher K
APD/MD, KDND & KUDL
Sacramento

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!