Three Directors Step Down at Sirius XM Radio as Liberty Media Takes Control

1:16 PM PST 1/22/2013 by Paul Bond

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Leon Black, Lawrence Gilberti and Jack Shaw resign from the board of the satellite firm.

Three directors have stepped down from the board of Sirius XM Radio, the firm said on Jan. 22.

Liberty to Take Control of Sirius XM Radio

A shake-up in the boardroom was not unexpected, given that Liberty Media recently gained control over Sirius. Liberty had been buying shares of Sirius for months, and disclosed in a Jan. 22 filing that it owns 50.2 percent of the satellite firm.

Resigning their board seats were Leon Black, Lawrence Gilberti and Jack Shaw. Several weeks ago, Mel Karmazin resigned from the board and stepped down as CEO.

Liberty first bought into Sirius in 2009 by investing $530 million into the then-struggling company, helping Sirius to avoid bankruptcy.

Sirius was a penny stock in free-fall back then. On Jan. 22, the stock was unchanged in midday trading at $3.15. It has surged more than six-fold in four years.