Liberty boosts Sirius XM stake, aims for control

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Associated Press

Posted on August 18, 2012 at 9:00 AM

Updated Saturday, Aug 18 at 3:01 PM

NEW YORK (AP) — Liberty Media Corp. says it has boosted its stake in Sirius XM Radio Inc. and intends to take control of the satellite radio broadcaster if federal authorities approve.

The conglomerate controlled by cable TV magnate John Malone says it bought 94.3 million shares in Sirius XM in the past week for $234.3 million, raising its stake to 48 percent.

It also says in a regulatory filing Friday that it filed a new application with the Federal Communications Commission for consent to take control of Sirius XM. It said it plans to take more than 50 percent control of the company.

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