Liberty Media, in its continuing quest to take control of Sirius XM, disclosed in an SEC filing that that it has purchased another 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.
As WSJ notes, pushing its position above 50% would give Liberty control of the company, and open the door to options including spinning its Sirius stake off to Liberty holders, acquiring the rest of the company or replacing current management, including CEO Mel Karmazin.
