Liberty Media dropping bid to buy rest of satellite radio provider Sirius

Discussion in 'The Howard Stern Show' started by Nemo, Mar 14, 2014.

  1. Nemo

    Nemo Beer Can Thick Gold

    Reputations:
    339,542
    Joined:
    Sep 7, 2010
    Messages:
    94,550
    Likes Received:
    58,665
    http://www.azcentral.com/story/mone...ew-york-based-sirius-xm-holdings-inc/6411423/
    [​IMG]
    ENGLEWOOD, Colo. – Liberty Media is dropping its bid to buy the rest of the satellite radio provider Sirius.

    The move disclosed late Thursday comes as Liberty Media Corp., which is controlled by billionaire John Malone, takes steps to create two new tracking stock groups for its business. One will be called Liberty Media Group and the other will be Liberty Broadband Group.

    Liberty Media said that because of the tracking stock distribution, it is withdrawing its offer for the rest of New York-based Sirius XM Holdings Inc. Liberty Media owns 53 percent of Sirius stock.

    In January, Liberty announced a complex proposal that would have allowed it to obtain full ownership of Sirius. The deal would've valued Sirius at nearly $23 billion.

    Liberty Media President and CEO Greg Maffei said in a statement that the company may hold further discussions with Sirius depending on market conditions.

    Sirius XM has built the world's largest pay-radio service with 25.6 million subscribers.

    The creation of the new tracking stocks still needs approval from Liberty Media shareholders. But Liberty expects it to be in place by the third quarter.

    Liberty Media said that the Liberty Broadband Group is expected to include its interest in the cable TV provider Charter Communications Inc. as well as its interest in another cable company Time Warner Cable Inc. and its subsidiary TruePosition Inc. It will also include a note obligation from Liberty Broadband Group to Liberty Media Group, a call option liability associated with Liberty's Time Warner Cable shares and liabilities at TruePosition.

    Englewood, Colo.-based company Liberty Media said the Liberty Media Group will include the rest of its businesses, assets and liabilities. That would include Liberty's subsidiary Sirius XM Holdings Inc.

    Shares of Sirius XM Holdings slipped a penny to $3.36 in premarket trading Friday. Liberty Media's Class A shares rose $9,57, or 7.6 percent, to $135.71 in premarket trading.
     
  2. Jon Mendelsohn

    Jon Mendelsohn New Member Banned User

    Reputations:
    3
    Joined:
    Dec 26, 2013
    Messages:
    1,098
    Likes Received:
    3
    I need help seeing the bigger picture here. How does affect the Kitten Ranch?
     
  3. skylarbrie

    skylarbrie VIP Extreme Gold

    Reputations:
    32,909
    Joined:
    Apr 26, 2012
    Messages:
    10,434
    Likes Received:
    6,764
    the withdrawel of the bid will result in lower stock prices for Siri, Howard still holds millions of shares in the aforementioned
     
  4. the Artie Chair

    the Artie Chair New Member Banned User

    Reputations:
    -3
    Joined:
    Feb 6, 2012
    Messages:
    1,797
    Likes Received:
    1
    Goodbye funny man.
     
  5. Beth143nacho

    Beth143nacho Well-Known Member VIP

    Reputations:
    65,137
    Joined:
    Jan 15, 2012
    Messages:
    19,929
    Likes Received:
    16,763
    Why bother buying the rest? He already controls it... Let someone else pump
    money into the business. It isn't like they can do anything.
     
  6. Nemo

    Nemo Beer Can Thick Gold

    Reputations:
    339,542
    Joined:
    Sep 7, 2010
    Messages:
    94,550
    Likes Received:
    58,665
    [video=youtube;qrlF0buxLr0]http://www.youtube.com/watch?v=qrlF0buxLr0[/video]
     
  7. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

    Reputations:
    240,703
    Joined:
    Jan 16, 2012
    Messages:
    38,743
    Likes Received:
    39,496
    The Liberty media stock soaring on the news seems like evidence those in the know thought it was a bad idea for Liberty stockholders.