Liberty Media Raises Sirius XM Stake to 49.2 Percent
John Malone's company inches close to taking control of the satellite radio firm.
John Malone's Liberty Media has further raised its stake in Sirius XM Radio from 48.8 percent to 49.2 percent as it continues to inch closer to taking control of the satellite radio firm.
The company recently asked the FCC for approval to take full control of the satellite radio firm, led by CEO Mel Karmazin, in its second such filing this year.
In its latest round of stock purchases, Liberty paid around $2.52 each for about 25 million shares in the roughly $63 million move, according to the latest regulatory filing.
The company has repeatedly bought Sirius shares in recent weeks. Liberty management has kept its options open for when and how it plans to take control though.
Liberty has signaled it could pay dividends, buy back stock and spin off its Sirius stake to Liberty investors once it takes control. The dividends would help it recoup its spending on Sirius stock purchases. Liberty management has also signaled it could replace Karmazin, whose contract expires at the end of the year.