Thursday, February 12, 2009

Sirius Seeks To Fend Off Takeover, Bankruptcy

Sirius XM Radio Inc. is seeking an investment from Liberty Media Corp., people familiar with the matter say, in a last-ditch effort to fend off an unsolicited takeover approach from satellite entrepreneur Charles Ergen.

The talks set the stage for a battle between the leading U.S. satellite-television providers -- Liberty-controlled DirectTV Group Inc. and Mr. Ergen's Dish Network Corp. -- for control of the country's sole satellite-radio operator.

Liberty, which is controlled by billionaire John Malone, emerged as a potential "white knight" for Sirius after Mr. Ergen made an unsolicited offer late last year to take control of the radio operator.

Though the talks between Sirius and Liberty are advanced, a deal remains far from certain, a person familiar with the matter said. It wasn't clear how much Liberty would be willing to invest in Sirius and whether it would end up with control. Mr. Malone is known as a careful negotiator and is unlikely to cut a deal in haste.

1 comment:

Corey Ryan said...

This the kind of story that makes me want to write about business. Did you ever see that movie "The Secret to My Success" staring Michael J. Fox? Every second talking about corporate takeovers and battling these foes. It's very Darwin-esq and I find it fascinating.


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