Liberty Media’s FCC petition last month on its push for de...
Liberty Media’s FCC petition last month on its push for de facto control of Sirius XM may be a step toward merging its stake in Sirius with the satellite radio service provider, Canaccord Genuity analyst Tom Eagan wrote investors Thursday.…
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The petition identified Liberty’s strategy for taking control (CD June 1 p7). As part of the potential merger, the analyst expects Liberty to split into two pieces: “A Liberty Siri stock” and “everything else, which includes the Starz group asset, $1.8 billion of public holdings, cash and debt,” he said. “We believe the FCC will approve LMCA’s most recent request to take control of SIRI.” Eagan said he expects Liberty “to increase its stake towards 50 percent over the next several weeks."