FCC seeks input on Liberty bid to control Sirius

AP News
Posted: Oct 02, 2012 3:43 PM

WASHINGTON (AP) — Federal regulators on Tuesday opened up a public comment period on an application by John Malone's Liberty Media Corp. to take control of satellite radio company Sirius XM Radio Inc.

The Federal Communications Commission said petitions to deny the application are due by Nov. 1. Responses to those filings are due two weeks later, with a final rebuttal to the responses by Nov. 20.

The FCC is looking into Liberty's proposed takeover of Sirius, in which Liberty already has amassed the equivalent of a 47.3 percent stake. If the commission approves, Liberty has said it will buy up enough shares within 60 days to give it majority control.

Liberty saved Sirius XM from near-bankruptcy in February 2009 by agreeing to lend it up to $530 million in exchange for preferred stock that amounted to a 40 percent stake.

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Since then, Sirius recovered from its tailspin and as of the end of June it had more than 22 million subscribers.

Sirius shares rose 7 cents, or 2.7 percent, to $2.64 in afternoon trading. Liberty Media shares were up 34 cents at $105.11.