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
CBS Corporation Extends Chairman/President/CEO Les Moonves
KDMX (102.9 NOW)/Dallas Adds Kannon In Afternoon Drive
Entercom-Charlotte Signs Contract Extension with Matt & Ramona Show
May 19, 2017
Cumulus Media Oxnard/Ventura Names Matthew "Doughboy" Florence PD For KVYB
Westwood One Presents Backstage at the BBMAs
May 18, 2017
iHeartMedia St. Louis Names Maurice DeVoe PD For KMJM (100.3 The Beat)
May 17, 2017
Atlantic Records Promotes Dionnee Harper & Marsha St. Hubert To SVPs of Urban Marketing
Entercom San Diego & Portland Form Partnership With Pearl Jam's Vitalogy Foundation
Vevo Announces New Hires On Original Content Team
May 16, 2017
Universal Music Group & Tencent Music Entertainment Group Enter Stategic Agreement
B96/Chicago To Host Niall Horan, Stream Live Performance
May 15, 2017
Cumulus Reports First Quarter Results
National Radio Hall of Fame Announces 2017 Nominees
Heidi Raphael Named VP/Corporate Communications for Beasley Media Group
Beasley Media Group & jacapps To Debut Customized WRIF iPhone Stickers
May 12, 2017
eQB NOW
Cumulus Media Promotes Troy Hanson To VP/Operations For Chicago Station Group
May 11, 2017
iHeartMedia New Orleans Names Steve McNair Market President
Emmis Announces Fourth Quarter and Full-Year Earnings
98.5 KLUC/Las Vegas Promotes Jon Que To Music Director
In Brief - May 11, 2017
May 10, 2017
iHeartMedia Denver Names JoJo Turnbeaugh Regional SVP/Programming
Music News
It's a Sign of the Times: Harry Styles Debuts at #1
Drake Dominates Billboard Music Awards
Chris Cornell's Wife Issues Statement on His Death
Rocker Chris Cornell Dead at 52
The Entertainment World Remembers Chris Cornell
FMQB Photo Pass: Metallica
Katy Perry Announced as First Judge for American Idol Reboot
Katy Perry Announces New Album Witness, North American Tour
Rapper Logic Debuts Atop Billboard 200
Quick Hits: Beyonce, Kendrick Lamar, Paramore
Jay Z Inks $200 Million Deal with Live Nation
iHeartRadio Streaming Exclusive Harry Styles Station
Jay Z, Chili Peppers & Gorillaz Headlining New York's Meadows Music and Arts Festival
Quick Hits: Miley Cyrus, SIA, The National, Modest Mouse
Quick Hits: The Grammy Awards, Imagine Dragons, Calvin Harris, Harry Styles, Katy Perry, The Rolling Stones, Snoop Dogg / Linkin Park
FMQB NOW

Nicki Farag,
SVP of Promotion,
Def Jam Recordings

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!