FCC Kills Liberty’s Attempt to Control SiriusXM
The FCC helped
SiriusXM fend off a takeover attempt by Liberty Media.
dismissed as unacceptable Liberty’s filing for “de facto” control of the
satellite radio company.
loaned SiriusXM $530 million nearly four years ago, owns about 40% of SiriusXM.
It has been trying to gain control of the satcaster since March when previous
agreements barring Liberty from seeking total control expired.
The commission said Liberty’s application was incomplete. Liberty told the
commission it couldn’t gain access to Sirius “passwords, signatures and other
information required to file an electronic transfer of control application.”
SiriusXM CEO Mel Karmazin told
analysts last week the company was confident the commission would rule
in its favor, and it was waiting on word from the agency.