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 Libertyís $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 ó 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
Universal Music Group Extends Lucian Grainge Deal
WOGL/Philly Morning Show Host Ross Brittain Announces Retirement
In Brief - July 31, 2015
July 30, 2015
CBS Radio Extends Scott Shannon
iHeartMedia Reports Results For 2015 Second Quarter
Benztown Promotes Christopher "Jack" Johansing To Marketing Director
July 29, 2015
iHeartMedia Charlotte Names Keith Hotchkiss Market President
Pierre Bouvard: Radio's Delivers On Amazon Prime Day
In Brief - July 29, 2015
July 28, 2015
Cumulus Appoints Brian Thomas As PD For WLS-FM/Chicago
AT&T To Activate FM Chips On Android Smartphones
BroadbandTV & BMG Form Strategic Alliance To Support New Generation Of Music Artists
Chicago Radio Legend John Records Landecker To Sign Off After 40 Years On-Air
Cumulus-Buffalo Re-Signs Shredd and Ragan For Mornings At WEDG
Rare Job Ops at 98 Rock/Baltimore
In Brief - July 28, 2015
July 27, 2015
Emmis Announces Executive Promotions
iHeartRadio Joins Snapchat Discover
Pandora Listeners Receive More Uninterrupted Hours With Sponsored Listening
July 24, 2015
Radio Industry & SESAC Reach Settlement
The Week In Review: 7/20-7/24
CBS Radio Names David Yadgaroff As SVP/Market Manager For Philadelphia
In Brief - July 24, 2015
July 23, 2015
Frankie V. Heads Home To Boston
Music News
Kanye, Sam Smith, The Who & Many More Announced For iHeartRadio Music Festival
Quick Hits: One Direction, The Voice, Queen Latifah & Mary J. Blige, The Gaslight Anthem, Paul McCartney
FMQB Retro-Active: Ken Sharp Talks to Cherie Currie, and Reviews Live Releases From The Who and The Rolling Stones
Quick Hits: Dr. Dre, U2, Zayn Malik, Gary Clark Jr.
Macklemore Talks New Album, Relapse Into Drug Use
Quick Hits: Meghan Trainor, Justin Bieber, Janelle MonŠe, Keith Richards, Lollapalooza, Chance The Rapper, Neil Young
Imagine Dragons, Jack Johnson Join Farm Aid 30
Quick Hits: Rise Against, Keith Richards, Puscifer, Judas Priest & Mastodon, Mat Kearney, Circa Survive
Rapper Future Hits #1 With Surprise Album
Quick Hits: U2 & Lady Gaga, Disclosure & Sam Smith, Ed Sheeran, Mariah Carey, Bobbi Kristina Brown, Guns N' Roses, Sevendust, Joseph Jackson
Ed Sheeran TV Special To Air On NBC
The Week In Review: 7/20-7/24
Quick Hits: Five Finger Death Punch, Prince, Meg Myers, The Grateful Dead
Quick Hits: Lil Wayne & Charlie Puth, Vance Joy, Lana Del Rey
Quick Hits: Selena Gomez, James Blake / Kanye West, Incubus
FMQB NOW

Jonathan Shuford, PD
WRVW/Nashville

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!