Liberty Media Corp. (LMCA: Quote,LINTA: Quote) and its wholly-owned subsidiaries now own 1.86 billion shares of Sirius XM Radio, Inc.'s (SIRI: Quote) common stock, representing around 32 percent of the outstanding shares, after converting around half of its preferred shares in the satellite radio company, a regulatory filing showed.
On September 17, Liberty Radio, LLC , a wholly-owned subsidiary of Liberty Media, converted 6.25 million shares of the B-1 Preferred Stock. The firm has 12.5 million shares of the B-1 Preferred Stock in Sirius.
Liberty Media now beneficially owns 3.20 billion shares of common stock, which represent around 49.5 percent of the outstanding shares of common stock.
As per the latest filing, the number of Series B-1 directors to be elected at the next annual meeting of stockholders of the company will be reduced to three from five.
Liberty Media had said in a regulatory filing last week that it increased its stake in Sirius over the week. The holding in the satellite radio firm had reportedly increased to 49.7 percent from 49.2 percent.
Liberty Media became Sirius' largest shareholder in 2009 after it gave the company a $530 million loan to help it stave off bankruptcy.
Terms of that transaction allowed Liberty Media to convert the loan into preferred shares, but prevented the company from owning a stake of more than 49.5 percent in Sirius. That provision expired in March this year.
LMCA slid 0.8 percent on Monday to settle at $103.74 on 377,592 shares.
SIRI closed lower by 3.2 percent at $2.39 on a volume of 53.67 million shares.
| || |
| To receive FREE breaking news email alerts for Liberty Media Corp and others in your portfolio|
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org