5-8-2012
Following a rejection from the FCC, Liberty Media's John Malone is taking steps to gain more control of Sirius XM by purchasing more shares. The FCC declared Liberty's request for de facto control of Sirius XM incomplete. On Tuesday, Liberty said it will purchase 302 million shares which would raise it's stake to over 45%. Currently Liberty has a 40% stake in Sirius XM.
On the topic of taking defacto control of Sirius XM, Liberty's chief executive Greg Maffei said, "As far as de facto control, my layman's understanding would be we have a certain series of rights by contract with SiriusXM. To be able to fully exercise those rights freely, we need to have de facto control approved by the FCC. And as far as changing our application, I think there are host of things, actions we might take including this action we have taken, which will have bearing on our application and we'll weigh those, as we said, over the next 30 days and decide how to amend."
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