Sirius Seeks White Knight

IAC cuts ties with Liberty Media

(NEWSER) - Barry Diller stepped down as CEO of his IAC media empire today, but he will stay on as chairman, he announced in a press release. Greg Blatt, former CEO of Match.com, replaces Diller; Diller will retain the largest voting share in the company, which he can increase from 34% to 41% of the votes of IAC's shares over the next nine months. IAC is also cutting ties with Liberty Media after an often-contentious history: Liberty will dump its 60% stake in IAC in exchange for Evite.com, Gifts.com, and $220 million, Deadline reports. More»

Company to get stake in Sirius in return for fending off Echostar

(NEWSER) - Sirius XM may have found its white knight just in time, the Financial Times reports. The deadline for the satellite radio firm to restructure its debt or file for bankruptcy protection is today, and Liberty Media is believed to be readying a last-minute rescue deal that would give it a stake in the company in exchange for $250 million in debt payments. More»

Sirius reportedly planning to file for bankruptcy

(NEWSER) - Despite reports that Sirius XM radio plans to file for bankruptcy, Howard Stern says the format is headed in the right direction and will survive, Reuters reports. “Everybody's wondering about this whole bankruptcy thing with Sirius,” he said on his radio show. “I'm not concerned. I think satellite radio is great and will be a successful business and it will survive.” He called its current troubles “growing pains.” More»

Auto downturn looks likely to kill Sirius and the satellite radio biz

(NEWSER) - The country’s only satellite radio company is close to filing for bankruptcy, and columnist Mike Elgan is having an “I told you so” moment. Before Christmas Elgan predicted in ComputerWorld that Sirius XM wouldn’t survive the recession, given its shaky financial status—and the downturn now looks certain to kill Sirius and "bury satellite radio forever," he writes. The problem, according to Elgin, is that Sirius hitched its wagon to the auto industry. More»

(NEWSER) - Sirius XM is preparing to file for bankruptcy this week, the New York Times reports. The satellite radio company, which has more than $5 billion in assets and a stable of personalities such as Howard Stern, is working with financial advisers to prepare the Chapter 11 filing. The development could force the hand of Charles Ergen, chief executive of Dish Network, who recently acquired Sirius debt. If he's going to make an offer for the company, he may have to do so before the bankruptcy filing. More»