John Malone's Liberty Media Buys More Sirius XM Stock

 

 

John Malone's Liberty Media has bought additional stock in Sirius XM Radio, bringing its stake in the satellite radio firm to 46.2 percent once a planned stock deal closes.

Earlier this week, Liberty had announced it had agreed to buy shares in the third quarter for $650 million, which would raise its stake to 45.2 percent.

The FCC recently declined to agree with Liberty that it has de facto control of Sirius, led by CEO Mel Karmazin.

Liberty CEO Greg Maffei said on his company's earnings conference call this week that the company would submit an updated filing with the FCC to allow it to reconsider its application. He said the stock deal and other moves should affect how the FCC views the application.

Liberty bought the additional 60 million shares for nearly $130 million, according to a regulatory disclosure.

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