Sirius Seeks White Knight

Facing massive debt and under siege by a rival, company turns to Liberty Media for help
By Jim O'Neill,  Newser Staff
Posted Feb 12, 2009 9:59 AM CST
Sirius Seeks White Knight
XM Satellite Radio and Sirius Satellite Radio products are advertised side by side on the exterior windows in the Sherman Oaks section of Los Angeles.   (AP Photo/Damian Dovarganes, File)

(Newser) – With $175 million in debt due Tuesday and an unwanted takeover in the offing, Sirius XM Radio is hoping for help from Liberty Media, reports the Wall Street Journal. The satellite radio company is more than $3.25 billion in debt and nearly cashless, yet remains steadfast in its efforts to repel a takeover by EchoStar mogul Charles Ergen.

Talks between Liberty, which controls DirecTV, and Sirius are far from solid, and it’s unclear whether Liberty would be willing to invest in the company. Meanwhile Ergen, who controls DirecTV rival Dish Network, has offered to pony up $500 million and restructure some $375 million in debt. Sirius, home to Howard Stern and Martha Stewart, among others, has begun to prepare a bankruptcy filing.
(Read more Sirius stories.)

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