SiriusXM Delays Plan To Buy Back Liberty Media Shares While It Weighs Takeover Offer

David Lieberman
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

The satellite radio company has postponed from January 27 to April 25 the planned $240M share repurchase from majority owner, John Malone’s Liberty Media. But Malone shouldn’t fret: SiriusXM now says that it will buy $340M of Liberty’s holdings at $3.66 a share. Meanwhile a special committee of SiriusXM’s board is weighing the takeover offer by Liberty, which owns 52%. It has proposed a stock swap that would give SiriusXM shareholders 39% of Liberty. But their shares would not entitle them to vote on Liberty’s affairs, and would give them a negligible premium over the value of their SiriusXM holdings when the offer was made. The radio company says today that the board has hired Evercore Group to provide financial advice, and Weil, Gotshal & Manges to help with legal matters. The board committee will “review and evaluate whether the Liberty Media proposal is in the best interests of SiriusXM and its stockholders, other than Liberty.” It doesn’t plan to say anything else until it decides what to do. 

Related: Should SiriusXM Ask Howard Stern To Take A Pay Cut?

More from Deadline

Best of Deadline

Sign up for Deadline's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.