This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Deals Media
Sirius rescued by Liberty deal
By CMU Editorial | Published on Wednesday 18 February 2009
US satellite radio firm Sirius XM which, as previously reported, was considering filing for Chapter 11 bankruptcy protection in a bid to fight off a hostile takeover by another satellite company called EchoStar, has done a deal with QVC owners Liberty Media that should save the day.
As expected, Liberty Media will provide cash for the struggling satellite radio network in return for a minority stake in it. The deal means Mel Karmazin, who was especially opposed to the EchoStar takeover proposal, will stay as CEO.
The deal should mean co-promotion between the Sirius XM satellite radio offer and Liberty’s satellite TV network DirectTV, though the two will not be merged.