SiriusXM, Liberty Media Execs Defend Buy-Out Plan
January 8, 2014

On Tuesday, top executives at SiriusXM and Liberty Media defended a plan by the conglomerate to wholly absorb the satellite radio company for $3.68 a share, a price that some investors (such as Ralph Nader) consider to be too low. SiriusXM CEO Jim Meyer reminded Wall Street analysts during a session at the Citi Internet, Media and Telecommunications conference in Las Vegas that Liberty has been a stakeholder in SiriusXM for five years and that some Liberty executives are SiriusXM board members.

"It works great," he explained, according to the Hollywood Reporter. "There's no drama here. Liberty won't do the deal -- which I think, by the way is great -- without the majority of the minority shareholders approving. And I think that's all there is to say."

Liberty CEO Greg Maffei also spoke at the conference and said the deal would lead to "a more rational capital structure going forward." While it would give Liberty more access to Sirius XM's cash flow, it doesn't mean that Liberty is preparing to purchase another cable TV company, as has been speculated, Maffei assured. He added that a clean acquisition of SiriusXM also will help the satcaster compete in an era where the Internet and iTunes are available in automobiles.

Meanwhile, former DirecTV and Tribune CEO Eddy Hartenstein has been tapped to lead a special committee that will evaluate the proposal, which involves creating a Liberty Series C stock that would be traded for SiriusXM shares. The deal will be conditioned on the approval of both the special committee and a majority of the public stockholders.




 
Breaking News
eQB NOW
KIIS FM Announces Wango Tango 2015 Line-Up
In Brief - March 27, 2015
March 26, 2015
Rock 'n' Roll Marathon Series Teams Up With iHeartMedia
Big D Named New APD/Morning Show Personality At KPLV
Triton Digital To Integrate Live Audio Broadcast Ads For MLBAM
Sinclair Broadcast Group Launches Digital Ventures Group
WERO Taps Robyn Banks For Nights
In Brief - March 26, 2015
March 25, 2015
Kannon Named Morning Host At KVIL
NAB Show Presents "Cocktails And Conversation" With Mel Karmazin
Sunday Night Slow Jams Expands Operations Team
The Orchard Acquires RoyaltyShare, Makes Strategic Investment In Korrect
In Brief - March 25, 2015
March 24, 2015
Joseph Robinson Named President Of iHeartMedia Ventures Group
Jeff Zuchowski Promoted To VP/Industry Relations At Pandora
CBS Announces New Agreement With CBS News President David Rhodes
In Brief - March 24, 2015
March 23, 2015
jâcapps V4 Platform Certified By Nielsen For Digital Audio Measurement
It's Official: Mancow To Host Mornings On The Loop
In Brief - March 23, 2015
March 20, 2015
eQB NOW
Sony Music To Purchase Remaining Interest In The Orchard
Viggle Receives Proposal From Robert F.X. Sillerman To Acquire 25% Interest In Company’s Wetpaint Business
In Brief - March 20, 2015
Music News
Zayn Malik Discusses Exit From One Direction
Quick Hits: NCAA March Madness Festival, George Ezra, Saturday Night Live, Ozzy Osbourne, Duran Duran
Pitbull's Globalization Spreads To SiriusXM
Quick Hits: Rihanna, AWOLNATION, Three Days Grace, Zendaya & Radio Disney Music Awards, Bonnaroo, Audiotopsy
McCartney, Metallica To Headline Lollapalooza 2015
Zayn Malik Leaves One Direction
Kendrick Lamar Debuts Atop The Billboard 200
Quick Hits: Van Halen, Britney Spears / Iggy Azalea, A$AP Rocky, The Library of Congress
Lineup Announced for iHeartRadio Country Festival
Quick Hits: Outside Lands Festival, Milwaukee Summerfest, Taylor Swift, Sloss Music & Arts Fest, Justin Bieber, Skylar Grey with Kid Ink and Travis Barker, Elvis Costello
Jason Derulo Single Sets Radio Record
Quick Hits: Death Cab For Cutie, Nate Ruess, Black Sabbath, Juicy J, Built To Spill, John Fogerty
Pharrell Calls "Blurred Lines" Verdict a "Handicap" to Art
Quick Hits: Kurt Cobain, Fleetwood Mac, Chic, Twisted Sister
Quick Hits: Zayn Malik / One Direction, Snoop Dogg, Iggy Azalea & Britney Spears, Osheaga Music Festival
FMQB NOW

Pat Paxton
Pres. of Programming
Entercom

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!