logo
Share SHARE
FONT-SIZE Plus   Neg

Sirius XM Radio Board Approves $2 Bln Stock Repurchase Program

Sirius XM Radio Inc. (SIRI) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Fast-food giant Burger King will be adding hot dogs to its menu in the US from February 23. According to Burger King's North American President Alex Macedo, this addition is the most significant menu addition for the burger chain since it added a chicken sandwich in the 1970s. Burger King will... Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a fourth-quarter loss that widened from last year, hurt largely by higher operating costs which offset an increase in revenues. However, shares of the company gained 11 percent after the company detailed a strong delivery target for 2016. Tesla,... Micro-blogging site Twitter Inc. (TWTR), Tuesday reported a smaller loss for the fourth quarter, as revenues surged 48 percent reflecting growth in its advertising business despite a stagnating user growth. The company detailed a weak revenue outlook for the first quarter. Investors are concerned...
comments powered by Disqus
RELATED NEWS
Trade SIRI now with 
Follow RTT