Liberty Media takes majority hold of Sirius XM

Print
Email
|

Associated Press

Posted on January 18, 2013 at 12:02 PM

Updated Friday, Jan 18 at 12:02 PM

Liberty Media Corp. has bought enough shares in Sirius XM Radio Inc. to give it majority control of the satellite radio company.

Liberty, run by cable magnate John Malone, has been trying to take control of Sirius for some time. It disclosed in a regulatory filing Thursday that it bought 50 million common shares in Sirius. That was enough to give it a more than 50 percent stake in the New York company.

A representative for Sirius did not respond immediately to a request for comment.

Sirius shares gained 2 cents to $3.17 in midday trading. Its shares have climbed roughly 60 percent since July.

Print
Email
|