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MONDAY, NOVEMBER 23, 2009
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Liberty Media Nears Sirius Rescue Deal

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

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(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.

The Liberty deal—seen as a less hostile option than an Echostar takeover—would give John Malone's company several board seats and just under half of Sirius, sources tell the New York Times. The move surprised analysts who see few synergies between the two companies, but embattled Sirius chief Mel Karmazin reportedly saw his options as "Malone or bust."

John C. Malone, chairman of the board of Liberty Media, speaks during a stockholders meeting for the company.
John C. Malone, chairman of the board of Liberty Media, speaks during a stockholders meeting for the company.   (AP Photo/David Zalubowski, file)
Liberty Media is believed to be in the final stages of making a deal to prevent Sirius XM from having to file for bankruptcy protection.
Liberty Media is believed to be in the final stages of making a deal to prevent Sirius XM from having to file for bankruptcy protection.   (©cking)
A sign for XM Satellite Radio hangs over its exhibit space at the New York International Auto Show in New York last year.
A sign for XM Satellite Radio hangs over its exhibit space at the New York International Auto Show in New York last year.   (AP Photo/Mark Lennihan, File)
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Timinator2K
Feb 17, 09 3:16 PM CST
The re-emergence of the so-called liberal monster "Fairness Doctrine" will only GREATLY strengthen satellite and Internet radio and will KILL AM radio once and for all. "Progressive" talk radio is DOA. Reply
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SPH
Feb 17, 09 8:09 PM CST
Who, in their right mind, would PAY for radio?... Reply
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