Liberty Media CEO Doesn't Rule Out Takeover of SiriusXM
Shareholders "wish they took the deal," Greg Maffei says of a previous offer
Liberty Media CEO Greg Maffei on Thursday gently tweaked those at SiriusXM Radio who spurned a buyout offer earlier this year by pointing out the stock price of the satellite firm, and also didn't rule out pursuing SiriusXM in the future.
"Sirius holders wish they took the deal," Maffei said at the FBR Digital Media Thought Leaders Conference in New York.
Shares of SiriusXM were trading at $3.28 on Thursday, whereas Liberty, which already owns more than half the company, offered to pay $3.86 a share for the stock it didn't own. SiriusXM shareholders balked, and Liberty withdrew the offer seven months ago.
On Thursday, though, Maffei reiterated that such a deal "ultimately makes sense," for tax purposes and reasons of synergy, given Liberty has stakes in Live Nation Entertainment and many other media, digital and entertainment businesses.
He added that while he'd like Liberty to fully absorb SiriusXM, he's satisfied with the position his company already has and he likes the radio company's growth prospects.
"This is not something to chase," he said.