Did Sirius XM Radio Inc. make a Faustian bargain when it decided to accept $530 million from Liberty Media Corp.to stave off bankruptcy in early 2009?
The New York-based satellite radio companyfiled a petition late Friday afternoon with theFederal Communications Commission, urging that the agency deny a request by Liberty Media Corp. that soughtto transfer several of SiriusXM?s operating licenses to Liberty?s control. Liberty owns 40% of SiriusXM and occupies fiveof its 13board seats.
Liberty?s request, filedMarch 20,include SiriusXM?searth station licensesanditsterrestrial repeaterlicense. The FCC requires SiriusXM to have all three licenses to operate.
But SiriusXM fought back, arguing in a 24-page petition that Liberty failed to get proper signatures from the companys board for its transfer request.
This is the equivalent of trying to cash an unsigned check and explaining the lack of a signature by saying nothing more than the account holder refused to sign it, SiriusXM?s attorneys wrote.
Liberty Media?s intent, and the intent ofChairman John Malone, is unclear.The company did not state a reason for seeking control of those licenses and messages to Liberty Media?s spokeswoman were not immediately returned.
At issue is whether Liberty?s 40% stake in SiriusXM allows Malone to assume ownership of the satellite radio company, which last year earned a $427-million profit on more than $3 billion in revenue.
What?s clear is that SiriusXM?s last-minute arrangement with Libertyaverted financial disaster, allowing the New York satellite radio company to make a $172-million payment on its high-interest loans justdays before it was due in February 2009. The transaction also gave Liberty Media fiveof 13 seats on the company?s board.
The deal also barred Liberty Media from trying to take over SiriusXM by acquiring 39.9% or more of SiriusXM?s stock. That provision expired March 6.
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URL: http://latimesblogs.latimes.com/entertainmentnewsbuzz/2012/03/siriusxm-liberty-media-takeover-.html
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