Liberty Media ups stake in SiriusXM


Sirius XMLiberty Media has raised its stake (8/28) in SiriusXM Radio to 48.8% from 48.1%, according to a regulatory filing. It bought around 40.4 million shares in the $100 million purchase. The latest buy of Sirius shares by Liberty comes just weeks after the company’s most recent increase in its stake. On 8/14, Liberty disclosed in an SEC filing that that it has purchased 89.97 million shares, increasing the company’s stake to 48% from 46.2%. The company also said in the filing that it has reached a forward purchase agreement with another holder to buy another 41 million shares under a contract that expires in October.

Liberty has said it plans to take control of Sirius, but has kept its options open. Earlier this month, Liberty filed an application with the FCC asking the for approval to take full control of Sirius by buying enough stock to take its stake to more than 50%.

Liberty management has signaled it could replace Sirius CEO Mel Karmazin, whose contract expires at the end of the year, pay dividends, buy back stock and spin off its Sirius stake to Liberty investors upon taking control.