Sirius XM Radio survives with fresh investments from Liberty Media
February 17th, 2009 Leave a comment Visited 21 times, 1 so far today
Sirius XM Radio survives with fresh investments from Liberty Media
Liberty Media has announced that they would be investing $530 million in Sirius XM Radio.
These funds would help Sirius to stay away from bankruptcy for the time being.
Liberty said that they would immediately provide a loan of $280 million to Sirius. Most of these funds would be used for paying of debts.
In return for this fresh investment, Liberty would get 12.5 million shares of preferred stock in Sirius XM. These can be converted into common stock at a later stage.
Liberty Media President and CEO Greg Maffei spoke about the new developments: “We are excited to be investing in Sirius XM. We have been impressed with the company, its operations and management team. Sirius XM’s ability to grow subscribers and revenue in a difficult financial and auto market is indicative of how listeners view this as a ‘must have’ service.”
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