Liberty Media Officially Says It Will Take Control Of Sirius XM

John Malone’s company made its intentions clear today when it asked the FCC to approve its “Application for Consent to Transfer of De Jure Control” of the Sirius XM’s broadcast licenses. Liberty said that it “intends to purchase sufficient additional shares of Sirius common stock” so that — when it converts the preferred shares it owns — Liberty “will own more than 50% of the total outstanding shares of Sirius,” the satellite radio company says in an SEC filing. Liberty already controls about 48%. It added that the transfer of control “will be completed within 60 days of Commission consent” of the request. Regulators have to ensure that the public interest would be served by having Liberty control the airwaves. Sirius says that it “will cooperate fully with the Commission in its evaluation of the Application.” In May the FCC rejected Liberty’s request to take control of Sirius XM based on its claim that it already had “de facto” control even though it didn’t own a majority of the stock. Investors have been curious to know whether Malone intends to run Sirius XM, or sell it. Last month Malone said that “there’s no question that eventually Sirius will be an independent company. The question is in what time frame and under what circumstances.”

Source: http://www.deadline.com/2012/08/liberty-media-control-sirius-xm/

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