Liberty Media Investment Preempts Sirius XM Bell-Ringing


	Liberty Media Investment Preempts Sirius XM Bell-Ringing

Taylor Buley

2-17-2009 3:26 PM

514 views

tags:

radio, communication, satellites

Taylor Buley says:

From what I understand, the satellite radio provider's debts had Charlie Ergen salivating. This news should keep the vultures at bay for a little while.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/c78250ba-3b37-4c4c-957a-a47ec650a593/87F0E20A-EEDA-4C0F-8742-55DA80E3B36B/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bizjournals.com/southflorida/stories/2009/02/16/daily13.html" href="http://www.bizjournals.com/southflorida/stories/2009/02/16/daily13.html" style="font-size: 11px;">www.bizjournals.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bizjournals.com/southflorida/stories/2009/02/16/daily13.html"><P><A href="http://www.bizjournals.com/southflorida/gen/Sirius_XM_Radio_c32719ea226a49af8db7306d6f1672f6.html"><STRONG>Sirius XM Radio</STRONG></A> won’t have to file for bankruptcy after <A href="http://www.bizjournals.com/southflorida/gen/Liberty_Media_Corp._0D6712DEB45C426FA11328612D974C99.html"><STRONG>Liberty Media Corp.</STRONG></A> agreed to invest $530 million to rescue the satellite radio broadcaster, the companies said Tuesday.</p> <P>Engelwood, Colo.-based Liberty, the media and entertainment company founded by John Malone, will immediately loan Sirius XM $280 million, about $171 million of which will to pay off debt Sirius had coming due this week.</p> <P>A second round of $250 million from Liberty (NASDAQ: LCAPA) will also be available to Sirius XM to help it pay its debts and ward off a potential takeover of Sirius by Charlie Ergen’s <A href="http://www.bizjournals.com/southflorida/gen/Dish_Network_Corp._5DE992B616B24B8CA5992A31E5361F52.html"><STRONG>Dish Network Corp.</STRONG></A>, the Englewood, Colo.-based satellite TV company.</p> <P>In return for the investment in Sirius XM, Liberty will own 12.5 million shares of preferred stock in Sirius XM (NASDAQ: SIRI), which Liberty can convert into common stock.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/87F0E20A-EEDA-4C0F-8742-55DA80E3B36B/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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