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Liberty Media Scoops Up More of SiriusXM

Media company inches closer to owning majority of satcaster

Liberty Media is inching closer to owning a majority of SiriusXM.

The media company told the Securities and Exchange Commission it recently purchased some 90 million shares of the satcaster for about $225 million, and plans to buy another 41 million shares.

The purchases would raise Liberty’s stake in SiriusXM to about 48%, up from just over 46%.

Liberty acquired 40% of the satellite radio company’s shares in 2009 and has twice asked the FCC to declare that it has control of the satcaster before it actually reaches a 50.1% threshold. The FCC denied the first request and Liberty awaits an answer on the second attempt.

Last week, Liberty indicated it plans to spin off its Starz pay-television network into a separate company.

Wall Street analysts say the action would free up cash for Liberty, enabling the company to purchase more shares or look at other acquisitions.