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Sirius XM Radio Board Approves $2 Bln Stock Repurchase Program

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12/6/2012 8:20 AM ET

Sirius XM Radio Inc. (SIRI: Quote) announced its Board has approved a $2 billion common stock repurchase program. Liberty Media Corporation, the beneficial owner of approximately 49.8% of the company's stock, has indicated that it will participate in the company's share repurchases on a pro rata basis so that its relative ownership interest will not be affected by the program.

Sirius Board also declared a special cash dividend of $0.05 per share of common stock, payable on December 28, 2012 to stockholders of record as of the close of business on December 18, 2012. The company's preferred stock will participate in the dividend on an as-converted basis in accordance with its terms. The total amount of the cash dividend is expected to be approximately $325 million.

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by RTT Staff Writer

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