FCC: Liberty, Sirius Deal on the Clock
Efforts by Liberty Media (NASDAQ:LMCA) to seize majority control of Sirius (NASDAQ:SIRI) took a step closer to becoming reality this week when the Federal Communications Commission (FCC) issued deadlines for formally opposing the deal.
Those against the proposal now have until November 1 to notify the FCC. After that, responses to any initial opposition will be due November 13 and final replies on November 20.
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Liberty, which gave Sirius a $530 million loan to avoid bankruptcy in 2009, is seeking to gain control of 48 percent of Sirius’s voting shares. The company has plans to eventually obtain more than a 50 percent stake.
This isn’t the first time Liberty has sought majority control of Sirius – the FCC struck down a request for de facto control in May.
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