Liberty Media officially became Sirius XM’s majority shareholder on Friday...
Liberty Media officially became Sirius XM’s majority shareholder on Friday when it converted all its preferred Sirius XM stock into 1.29 billion common shares, Sirius XM said in an 8-K filing Monday at the SEC. The conversion, combined with an…
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all-cash purchase of 50 million shares earlier last week, gave Liberty Media control of 50.2 percent of Sirius XM stock, the filing said. Liberty Media executives Mark Carleton, Robin Pringle and Charles Tanabe immediately joined the Sirius XM board to replace departing members Leon Black, Lawrence Gilberti and Jack Shaw, the filing said. Jim Meyer, who recently succeeded Mel Karmazin as Sirius XM CEO, also joined the board, the filing said. The FCC International Bureau granted Liberty Media approval for de jure control of Sirius XM on Jan. 3 (CD Jan 4 p9).