The conglomerate said late Thursday it has received approval
from the FCC for its request for the "transer of de jure control" of
the satellite-radio firm, and it expects the complete transfer to occur within
60 days.
According to The Hollywood Reporter, Liberty intends on converting preferred securities and debt
in order to obtain enough shares to own more than 50 percent of Sirius, and FCC
said it expects that to happen before the 60 days are up.
Liberty has been buying shares for several months and is already
very close to the 50-percent threshold. The buying spree has been a catalyst
for a surge in Sirius XM's stock price, which closed Thursday at $3.08, up 47
percent in six months.
Liberty has already replaced Mel Karmazin as CEO, installing
James Meyer as Sirius XM's interim chief, and it has suggested that after it
takes control of the radio company it will spin it off.
Sirius has more than 23 million subscribers to its service,
which includes dozens of commercial-free channels as well as dozens of ad-supported
channels dedicated to sports, comedy and politics.
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