Sirius XM Holds Talks With Liberty Media

[Jamey K]

From Dealbook:

Liberty Media, the media company controlled by John C. Malone, is in preliminary talks with the satellite radio giant Sirius XM Radio, people briefed on the negotiations told DealBook.

A deal between Liberty and Sirius XM could throw a wrench in takeover plans by EchoStar, the television satellite company that has been acquiring Sirius XM’s debt.

The high drama comes at a critical time for Sirius XM, which faces $175 million in debt payments that will come due on Feb. 17. The company is unlikely to be able to meet those obligations.

Sirius XM Holds Talks With Liberty Media - DealBook Blog - NYTimes.com

 

[navychop]

Gets ever more interesting.

 

[DefDude]

Just saw a news flash on cnbc that mel was talking with direct also

 

[Juan]

Here's another twist

Sirius XM Got, and Rebuffed, Bid - WSJ.com

 

[Juan]

Just saw a news flash on cnbc that mel was talking with direct also

Liberty media = directv

 

[JonE]

It's the merger hype all over again.

 

[jcrandall]

It's the merger hype all over again.

Nah, this is more like search-n-rescue. Sirius XM is out of money, the stock closed today at a nickel, yes, 5 cents.

They owe $175M next Tuesday that they can't aford, and unless someone buys them, or majorly invests cash, they will end up in bankruptcy next week.

 

[sundude90]

Who do they owe all this money too?

 

[DJ Rob]

Who do they owe all this money too?

Charlie owns a lot of it now...

 

[Scott Greczkowski]

Mel is no dummy. He is now trying to get more by pitting Dish -vs- DirecTV and it could work in his favor or backfire on him.

As I said the other day the next week is going to be very interesting to watch.

I just hope whoever gets it breaths life back into it again so that Satellite Radio is once again a premium service worth paying for again.

 

[DJ Rob]

I've worked for him and think Mel is one of the brightest guys I've ever met. He is one of the best at this kind of stuff. Don't be surprised if other names come up like Rupert

Kind of interesting that Bob Kraft was there visiting Mel today...

 

[navychop]

Rupert! Hope not.

 

[uncrules]

First posted by rad in the D* forum.

Liberty Media and Sirius XM reportedly close to deal - Washington Business Journal:

The Wall Street Journal and Financial Times reported Monday evening that DirecTV's parent, Liberty Media Corp., is close to a deal to invest several hundred million dollars in Sirius XM Satellite Radio Inc.

The action by Liberty Media (NASDAQ: LCAPA) could rescue the New York-based satellite radio company from a Feb. 17 debt deadline. Missing the deadline might cause Sirius (NASDAQ: SIRI) to go into Chapter 11 bankruptcy protection.

 

[Sat_Jockey]

CNBC is reporting a deal was reached this morning between Liberty Media and Sirius XM. Liberty Media to get just less than half of the equity of Sirius XM in trade for an investment (amount not given).