Liberty (LMCA) Isn't Seeking Control of Sirius (SIRI); It Just Wants Some Premium
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Liberty Media (Nasdaq: LMCA) has been actively pursuing control of Sirius XM Radio Inc. (Nasdaq: SIRI), but that may not be the case anymore.
Chairman John Malone says Liberty might be doing it all for the money.
According to reports, Malone may use Liberty's 46 percent stake in Sirius to command a control premium. He noted that Liberty and Sirius were in talks over a potentials premium.
In the past, Malone has threatened to take control of Sirius' 13-seat Board, of which it already controls five seats. The firm has been requesting that the Federal Communications Commission (FCC) affirm that Liberty has de facto control and would do anything the FCC says to gain that.
With the FCC affirming control, Liberty says there is no barrier to them having hard control.
Comments were made at the annual Allen & Co media and technology in Sun Valley, Idaho.
Sirius shares are about 0.5 percent positive Thursday.
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Chairman John Malone says Liberty might be doing it all for the money.
According to reports, Malone may use Liberty's 46 percent stake in Sirius to command a control premium. He noted that Liberty and Sirius were in talks over a potentials premium.
In the past, Malone has threatened to take control of Sirius' 13-seat Board, of which it already controls five seats. The firm has been requesting that the Federal Communications Commission (FCC) affirm that Liberty has de facto control and would do anything the FCC says to gain that.
With the FCC affirming control, Liberty says there is no barrier to them having hard control.
Comments were made at the annual Allen & Co media and technology in Sun Valley, Idaho.
Sirius shares are about 0.5 percent positive Thursday.
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