Liberty Media Files To Take Control Of SiriusXM
In the filing Liberty stated that “it will have purchased sufficient shares of SiriusXM common stock and will convert its preferred shares such that the transfer of control will be completed within 60 days of commission consent.”
The Wall Street Journal reports that such a move will give Liberty the ability to replace SiriusXM management and merge the company into its own. Among the media properties under Liberty Media’s umbrella are DirecTV, the Encore & Starz premium cable networks, QVC, regional cable sports networks under the “Root” brand in Denver, Pittsburgh, and Seattle and the Atlanta Braves. Liberty announced last week plans to spinoff Starz, partially in order to fund its takeover of SiriusXM.