Is Liberty Media Staging A Hostile Takeover of SiriusXM?
;;;;In what appears to be a hostile action, Liberty Media has filed three Form 312s with the FCC seeking cons the transfer of de facto control of SiriusXM Radio's earth station licenses and seeking consent to the transfer of control of Sf Sirius XM Radio 's SDARS terrestrial repeater authorization. SiriusXM attorney Richard Wiley's response is that Liberty's filiwas late and he'll file a formal response to the FCC requesting denial of the applications.
Ironically, it was Liberty that saved SiriusXM from bankruptcy just two years ago and they are now exercising a provision within the 2009 Investment Agreement ement or on precedents set by past transfers of de facto control under 50% ownership, and used this to attempt to take control ous XM without having to obtain over 50% of the company.
Don't expect SiriusXM to roll over on this one. We anticipate some pirited legal ping-pong in the near future. (04-02-12)
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RADIO ONLINE | Monday, April 2, 2012 | 9:10am CT
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