Liberty Media (LMCA) Continues Quest to Gain Control of SIRIUS XM (SIRI)

August 15, 2012 8:41 AM EDT
SIRIUS XM Radio Inc. (Nasdaq: SIRI) is higher in pre-open trading Wednesday as Liberty Media (Nasdaq: LMCA) gets closer in its quest to gain de facto control of the company.

After the close, Liberty bought about 90,000,000 shares of SIRI, bringing its stake to 452,518,700 shares.

Liberty also entered into another forward contract on 8/10 to buy an additional 41,087,753 shares.

Recently, Liberty announced the spinoff of Starz, LLC, which many expected will be followed by a deal with SIRIUS XM in 2013. A deal with SIRIUS could come in the form of a reverse Morris trust deal.

Shares of SIRI last traded at $2.57, up 1.6 percent from Tuesday's close.

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