Sirius XM Fights John Malone And Liberty Media Over De Facto Control - Forbes

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satellite radio provider  has seen a stunning rise from the depths of 2008, but now the company’s biggest shareholder may be pushing to gain even more control.
billionaire media mogul ‘s liberty media petitioned the fcc to allow it to exercise “de facto” control of sirius xm’s licenses in a march 20 letter.
the firm currently owns preferred shares representing a stake of about 40% in the satellite radio operator,jordan 5 fusion, after a 2009 investment that the fcc cleared, with assurances from liberty that it would not take steps to grab more control before without filing applications with the agency after the deal expired march 6, 2012.
citi analyst jason bazinet notes sirius will file a “dismiss or deny” request to stay liberty’s hand, and that the fcc typically aims to respond to such license applications within 180 days, which puts the timeline around october.
one thing bazinet says the filings indicate is that relations between sirius and liberty are “no longer friendly. in fact, footnotes in liberty’s filing note that sirius has refused to provide passwords and other information necessary for transfer of control.
for shareholders,jordan retro shoes, bazinet argues that the play by liberty is a positive for two reasons. for one thing, the bid for “de facto” control “paves the way for ‘de jure’ [legal] control.” with sirius not cooperating, the implication appears to be that chief executive mel karmazin and the management team are trying to ensure “shareholders receive a control premium from liberty.”
shares of sirius xm were down a hair monday morning, off 0.2% to $2.30. the stock is up nearly 27% for the year,jordan 6 sale, and more than 1,cheap jordan 5,500% since the liberty investment closed march 6,jordan concord xi, 2009 (which also doubled as the intraday bottom for the s&p 500), when shares went for just 14 cents apiece.