Sirius XM shareholders will gather Tuesday for the company’s...
Sirius XM shareholders will gather Tuesday for the company’s annual meeting in New York as Liberty Media continues to battle for control of the company. Liberty has a 46 percent stake in Sirius, and purchased 60 million shares last week.…
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It also signed a contract to buy another 302 million shares for $650 million, presumably bringing Liberty closer to the FCC requirement that it own 51 percent of Sirius to take control of Sirius XM’s licenses. It remains to be seen whether Sirius XM CEO Mel Karmazin addresses the issue of Liberty’s ownership at the annual meeting. But Liberty CEO Gregory Maffei is expected to discuss the topic Wednesday at a Barclays investor conference in New York. Meanwhile, Karmazin continues to unload Sirius XM shares, having sold 13.7 million between May 14 and 16, SEC filings show. Karmazin exercised his stock option on the shares at 43 cents and then sold the same shares at $1.99, for a $21.31 million net profit, the filings show. Karmazin still holds 8.5 million shares worth about $15 million. In a separate development, Sirius XM on Monday announced a deal giving customers who buy a 2013-model Audi a free four-year subscription to the Sirius XM Traffic service. The promotion is in addition to a separate offer in which Audi buyers get a free three-month trial subscription to Sirius XM’s basic service. Sirius’ stock closed Monday up 3.98 percent at $1.96, but down from a 52-week high of $2.44 in April and short of the $2.15 Liberty paid for its additional shares.