FCC Starts Countdown on Liberty's (LMCA) Effort to Control Sirius XM (SIRI)

October 2, 2012 1:56 PM EDT Send to a Friend
The FCC is now getting serious over Liberty Media's (Nasdaq: LMCA) proposal to gain majority control of Sirius (Nasdaq: SIRI)

The Federal Communications Commission (FCC) said those that oppose a deal must notify the agency by November 1st, with responses to the initial opposition due on November 13th, and final replies due on November 20th.

Liberty is aiming to own about 48 percent of Sirius' voting shares by October 14th, on a converted basis. The Company has also pledged to acquire more shares in order to give it an over 50 percent stake.

In 2009, Liberty gave Sirius a $530 million loan to stave off bankruptcy for the radio broadcaster. Liberty sought de facto control over Sirius in March, but the FCC denied that request in May.

Shares of Sirius are up over 3 percent Tuesday, due in part to BofA/Merrill starting Sirius at Buy earlier.


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