Liberty Media plans to raise its stake in Sirius XM above 50%, effectively taking control of the satellite radio service operator.
According to the Wall Street Journal, Liberty Media’s Chairman, John C. Malone has asked the Federal Communications Commission for approval to take over control.
Earlier this week, Liberty Media had increased its stake in Sirius XM to 48% and says it will “have purchased sufficient shares of Sirius’s common stock and will convert its preferred shares such that the transfer of control will be completed within 60 days of commission consent.”
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