Sirius XM and Liberty Media agree on deal
Music News | Feb 17th, 2009
Sirius XM and Liberty Media have agreed on a deal that will help Sirius XM avoid bankruptcy. With that deal in place, Mel K will still be CEO of the firm but even still, I’m still skeptical this thing is going to get any better. they will probably keep raising prices, getting rid of good stations like Fungus 53 and making the listeners pay through the nose to hear sub-standard music.
NEW YORK — Satellite Radio firm Sirius XM has avoided a bankruptcy filing, confirming Tuesday morning a deal with John Malone’s Liberty Media that will provide it with cash infusions in return for a minority stake in the company.
With the agreement, Malone, for now, beat out Charlie Ergen’s EchoStar, which has amassed Sirius debt and had proposed financing the satellite radio firm in return for a controlling stake.
The Wall Street Journal had reported Monday night that Liberty and Sirius were likely to strike the deal, which leaves Mel Karmazin in place as Sirius CEO.
[Hollywood Reporter]
