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Sirius XM Holdings Inc. (SIRI)

  • Mar. 13, 2014, 6:22 PM
    • Liberty Media (LMCA) is creating two new tracking stocks: One will be known as Liberty Media, and the other Liberty Broadband. Investors will receive one share of the former tracking stock, and four shares of the latter, for each Liberty share they currently own.
    • Shareholders will also get "a subscription right to acquire one additional series A or series B share of Liberty Broadband tracking stock for every five shares of series A or five shares of series B Liberty Broadband tracking stock they receive in the Distribution."
    • The subscription rights will be priced at "a 20% discount to the 20-trading day volume weighted average trading price of Liberty Broadband tracking stock following the closing of the Distribution."
    • The tracking stocks are expected to trade under the symbols LBRDA and LBRDB. The broadband tracking stock will cover Liberty's stakes in Charter and Time Warner Cable, and its TruePosition subsidiary.
    • As a result of the change, Liberty says its previous offer for Sirius XM (SIRI) is "no longer applicable." The company adds it remains an "enthusiastic" owner of 53% of Sirius.
    • SIRI -2.1% AH. LMCA +0.7%.
  • Jan. 7, 2014, 6:46 PM
    • Sirius XM Radio (SIRI +0.8%) has named former DirecTV CEO Eddy Hartenstein, former DaimlerChrysler CEO James Holden, and long-time American Express executive Joan Amble to a 3-person special committee to evaluate Liberty Media's (LMCA +0.4%) $3.68/share bid.
    • SIRI shares closed the day at $3.86, a 4.9% premium to Liberty's bid, as investors continue holding bets that the offer will be boosted.
  • Jan. 3, 2014, 4:51 PM
    • Liberty Media (LMCA), which already owns a majority stake in Sirius XM (SIRI), is proposing to make Sirius a 100%-owned subsidiary through an all-stock deal. (PR)
    • Liberty proposes to have each Sirius converted into a 0.076 new Liberty Series C shares, and then distribute, on a 2:1 basis, Series C shares to all holders of Liberty's Series A and B shares.
    • The exchange ratio values Sirius at $3.68/share based on Liberty's Friday close; that's an $0.11, or 3%, premium to Sirius' closing price of $3.57.
    • Sirius' public shareholders would own 39% of the new company, which (based on current prices) stands to have a market cap of $27B.
    • Sirius shares are halted. CC at 5PM ET.
  • Aug. 15, 2013, 9:17 AM
    • Sirius XM Radio (SIRI) buys a unit of Agero that offers connected vehicles services to complement its development in the technology.
    • The $530M deal is slated to close during Q4.
  • Jan. 18, 2013, 3:24 AM
    The inevitable has finally happened and Liberty Media (LMCAD) has taken majority control of Sirius XM Radio (SIRI) by increasing its stake to 50.7% after acquiring 50M shares at $3.15 each. Liberty has said in the past that Sirius should improve its technology and expand internationally.
  • Jan. 3, 2013, 5:26 PM
    Liberty Media (LMCA) has won FCC approval to obtain de jure control of Sirius XM (SIRI). Liberty, which currently has a 49.8% stake in the satellite radio provider, says it expects to gain control of Sirius within the next 60 days. SIRI +1.3% AH.
  • Sep. 17, 2012, 5:48 PM
    Liberty Media (LMCA) moves a step closer to full control after it converts around 6.25M shares of Sirius XM (SIRI) B-1 preferred stock, giving it 49.5% stake in SIRI. LMCA +1.2%.
  • Sep. 12, 2012, 8:41 AM
    Liberty Media (LMCA) takes another small step to controlling Sirius XM (SIRI), buying another 31M shares at $2.49 each and increasing its stake to 49.7% from 49.2%. Based on Sirius' close of $2.50 yesterday, Liberty only needs to spend another $50M or so to breach 50%, although it's still awaiting approval from the FCC to take outright control.
  • Aug. 29, 2012, 4:56 AM
    Liberty Media (LMCA) inches ever closer to obtaining full control of Sirius (SIRI), increasing its stake in the satellite radio company over the last few days to 48.8% from 48.1% by acquiring 40M shares for $2.53 each. The purchases come as Liberty awaits FCC approval to take control of Sirius.
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  • Aug. 22, 2012, 5:24 PM
    A judge has denied a request from Sirius XM (SIRI) shareholders to stop Liberty Media (LMCA) from acquiring a controlling stake via further share purchases. Last week, Liberty filed an application with the FCC to be granted de jure control of Sirius. (more)
  • Aug. 17, 2012, 5:37 PM
    Liberty Media (LMCA) takes the final step, and files an Application for Consent to Transfer of De Jure Control with the FCC to take control of Sirius XM (SIRI). In the Application, LMCA indicates that it intends to purchase sufficient additional shares of Sirius (SIRI) common stock such that, upon conversion of its Preferred Shares, it will own more than 50% of the total outstanding shares of the company.
  • Jul. 13, 2012, 5:12 AM
    Liberty (LMCA) Chairman John Malone says Sirius (SIRI) needs to invest in developing the "next generation or two of (its) service," including the Internet version, and on globalizing. Malone also says he wants Sirius to use its substantial cash flow to return money to Liberty.
  • May. 31, 2012, 9:35 AM
    Liberty Media (LMCA +0.3%) asks the FTC to reconsider its refusal to allow the company to take control of Sirius XM Radio (SIRI +1.2%). Liberty increased its holding in the satellite radio company to 46.2% from 40% earlier this month. (previous)
  • Apr. 3, 2012, 9:13 AM
    While Sirius XM Radio (SIRI) shares have jumped 7% in the past two sessions on speculation that Liberty Media (LMCA) will buy out the company, Canaccord Genuity doesn't think it will happen. "LMCA can monetize its stake without increasing it," the firm says, adding it would "be surprised if LMCA spent $1.5B for an additional 10% after getting 40% for less than half that."
  • Apr. 1, 2012, 4:35 AM
    Sirius (SIRI) is in a fight for its independence, and has asked the FTC to "dismiss or deny" an application from Liberty Media (LMCA) to take "de facto" control of the satellite broadcaster, Sirius said on Friday. Liberty has preferred stock convertible into 40%, which it received when it lent several hundred million dollars to Sirius in 2009. (previous)
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  • Nov. 21, 2011, 1:30 PM
    Sirius XM (SIRI +5.6%), up on Friday thanks to a Lazard upgrade, is rising today on an NY Post report claiming Liberty Media (LCAPA) is "having discussions" about adding to its 40% stake in the company, which it acquired in 2009. It's noted that "tax implications and other disadvantages" may prevent Liberty from upping its stake for now, but these issues go away in March.
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Company Description
Sirius XM Holdings Inc broadcasts its music, sports, news, talk, entertainment, traffic and weather channels in the United States for a subscription fee through its proprietary satellite radio systems.
Sector: Services
Country: United States