Sirius XM (SIRI), Liberty (LMCA) Surge into Close as Chatter Heats Up
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Sirius XM Radio, Inc. (NASDAQ: SIRI) and Libery Media (Nasdaq: LMCA) spiked into the close today, Sirius finishing up 7 percent while Liberty ended 2.3 percent better.
Some chatter surrounds whether or not Liberty is getting regulator approval to gain control on Sirius, though nothing concrete has been reported.
In October, the FCC issued a timeline to submit opposition on Liberty's prposal, though final submissions were expected to be made on November 20th.
Just ahead of that, Liberty moved to convert 6,249,900 shares of Sirius B-1 Preferred Stock at a conversion rate of 206.9581409 shares of Common Stock for each share of B-1 Preferred Stock so converted. Click here for more color.
Some chatter surrounds whether or not Liberty is getting regulator approval to gain control on Sirius, though nothing concrete has been reported.
In October, the FCC issued a timeline to submit opposition on Liberty's prposal, though final submissions were expected to be made on November 20th.
Just ahead of that, Liberty moved to convert 6,249,900 shares of Sirius B-1 Preferred Stock at a conversion rate of 206.9581409 shares of Common Stock for each share of B-1 Preferred Stock so converted. Click here for more color.
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