Liberty Media still hasn’t presented a concrete plan to assume...
Liberty Media still hasn’t presented a concrete plan to assume de facto control of Sirius XM, Sirius said in an FCC filing. The satellite radio company opposed a reconsideration petition from Liberty (http://xrl.us/bnbkxv). Liberty filed the petition last month urging…
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the FCC to reconsider its dismissal of Liberty’s applications to assume de facto control (CD June 1 p7). Liberty’s filing recites the same facts and arguments “that the bureaus [International, Wireless, Office of Engineering and Technology] already have considered and rejected,” Sirius said. Liberty’s plans to convert half its preferred stock to common stock and to have the majority of the board consist of their nominees is illusory, Sirius said: The petition doesn’t reveal when Liberty Media intends to make such a conversion, “how it would secure a majority of the board ... who the board members may be, or even if those board members would be affiliated with Liberty Media.” Liberty’s reliance on future options to establish ownership percentage “remains inconsistent with longstanding FCC precedent,” Sirius said.