Liberty Media is not giving up trying to gain control of SiriusXM.
Liberty’s chief executive, Greg Maffei, told analysts Tuesday that Liberty intends to buy more 302 million shares of stock in SiriusXM for $650 million, increasing its ownership stake from 40% to 45.2%. The price was $2.15 a share from undisclosed sellers, reported the Los Angeles Times.
The FCC last week dismissed Liberty’s application to have the commission declare that Liberty has “de facto” control of SiriusXM, arguing that its 40% ownership stake, along with five out of 13 board seats, gives it that right.
SiriusXM CEO Mel Karmazin, who opposes the takeover attempt, characterized Liberty’s move as trying to convince regulators that “40 is the new 50,” we reported.
With the higher ownership stake, Liberty hopes to change the commission’s decision.
Liberty has until 30 days to appeal the agency’s decision.