Liberty Media Files To Take Control Of SiriusXM

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
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#1
http://radioinsight.com/blog/headlines/69647/liberty-media-files-to-take-control-of-siriusxm/

Liberty Media Files To Take Control Of SiriusXM
Liberty Media, which currently owns 48% of SiriusXM, has filed with the FCC that it plans on taking that stake over the 50% threshold needed to assume control of the company.
In the filing Liberty stated that “it will have purchased sufficient shares of SiriusXM common stock and will convert its preferred shares such that the transfer of control will be completed within 60 days of commission consent.”
The Wall Street Journal reports that such a move will give Liberty the ability to replace SiriusXM management and merge the company into its own. Among the media properties under Liberty Media’s umbrella areDirecTV, the Encore & Starz premium cable networks, QVC, regional cable sports networks under the “Root” brand in Denver, Pittsburgh, and Seattle and the Atlanta Braves. Liberty announced last week plans to spinoff Starz, partially in order to fund its takeover of SiriusXM.
___________


Wonder what this means for Mel, O&A & Howie
 

Don the Radio Guy

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#2
Mel has been playing nice with Liberty lately. This means nothing for the talent.
 

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
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#5
There's been zero talk about a contract extension, I wonder if the current bosses put negotiations on hold knowing that this Liberty crap was coming down.
Who knows
I know Howard isn't a fan of Liberty and said so on the air. I would guess this might be bad for him but then again his contract is already in motion & no way he comes back
 

Don the Radio Guy

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#6
At first Mel was trying to fight this, but once he figured out they'd take over, he warmed up to them. Not much will happen when Liberty takes over. A few higher up heads will roll, but the programming won't change.
 

JoeyDVDZ

That's MR. MOJO, Motherfucker!
Aug 20, 2004
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#10
No way Howie gets his usual Mel backed sweetheart deals under the new ownership.
 
May 24, 2004
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#11
Mel has a $110 million golden parachute. He could care less either way:
Sirius also said in the proxy filing that Karmazin will receive payments and benefits valued at between $108 million to $119.8 million in the event of a change of control of the company or Karmazin's termination under certain circumstances.
http://www.wackbag.com/showthread.php?p=4093950#post4093950
 

Sunsetspawn

Registered User
Dec 5, 2005
2,955
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#13
You could feel sorry for yourself but I hope you don't do that.
 

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
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#14
No way Howie gets his usual Mel backed sweetheart deals under the new ownership.

  • He already has the deal & has over 3 years left
  • He won't re-up no matter who is there
  • Mel wasn't part of the first deal
 

Graveyard

Registered User
Jul 28, 2012
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#15
Maybe they'll replace the inept management and put people in place that actually know how to run a business. I like my Satellite radio, and I'd like it to hang around. Maybe Fez will finally get fired for not actually doing his job.
 

gleet

What's black and white and red all over?
Jul 24, 2005
22,541
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#16
Maybe Fez will finally get fired for not actually doing his job.
Ha ha. Mr. new poster scores a home run on his first time up.

Here is Fez with the new overlords:

[YT]mGS2tKQhdhY[/YT]
 

PatriceRules

Registered User
Aug 1, 2010
476
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#17
Who knows
I know Howard isn't a fan of Liberty and said so on the air. I would guess this might be bad for him but then again his contract is already in motion & no way he comes back
I bet Liberty tries to restructure it if that's possible....Howie and his Jew Buddies Karmazin & Greenstein are all in bed together, if they're not in control anymore I bet Liberty will try to break apart that deal. They are a southern based company that owns the Atlanta Braves & I'm sure knows a shit deal when the see one unlike the backroom besties deals that Mel & Howie have been putting together since Sirius's inception.

I can't remember the last time I tuned to Howard 100 in the morning and actually heard a live show
 

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
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#18
I bet Liberty tries to restructure it if that's possible....
I cannot imagine they can do that
Howard & Don are pretty shrewd
I don't think this contract is an issue, Howard pays for himself.
I think contract renewals will be different though & cannot see Oprah & all the other money losing channels staying
Howard & Liberty's issue was the lawsuit for subscriber bonuses that Howard felt he deserved
I don't think Stern would sign another extension anyway. Robin is sick & he will be mid-60's by then
 

PatriceRules

Registered User
Aug 1, 2010
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#19
I cannot imagine they can do that
Howard & Don are pretty shrewd
I don't think this contract is an issue, Howard pays for himself.
I think contract renewals will be different though & cannot see Oprah & all the other money losing channels staying
Howard & Liberty's issue was the lawsuit for subscriber bonuses that Howard felt he deserved
I don't think Stern would sign another extension anyway. Robin is sick & he will be mid-60's by then
Didn't Hoo-Hoo mention on the air a month ago that Liberty taking over the company would be disastrous? Clearly he doesn't give a flying FUCK about SiriusXM as a whole.....I would imagine he's worreid about more than his lawsuit
 

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
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#20
Didn't Hoo-Hoo mention on the air a month ago that Liberty taking over the company would be disastrous? Clearly he doesn't give a flying FUCK about SiriusXM as a whole.....I would imagine he's worreid about more than his lawsuit
I have no idea, I only watch some HTV stuff I can download
Also Liberty was part of SiriusXM when the new Stern deal was made
Nothing regarding his contract will change (dates, salary, etc)
 

SOS

ONA
Wackbag Staff
Aug 14, 2000
48,197
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#21
Liberty mulls options as it nears control of Sirius XM Radio
Reuters‎

Thu Sep 13, 2012 7:03am IST

* Liberty in no rush to exit Sirius XM stake - CEO

* Liberty close to owning 50 pct of Sirius XM

* Sirius XM's CEO Karmazin may leave

By Liana B. Baker

Sept 12 (Reuters) - As Liberty Media Corp inches closer to full control of Sirius XM Radio Inc, the media holding company said on Wednesday it may hang on to its shares of the satellite radio provider for the long term and not pursue a spinoff.

"We are in no rush to get out of the Sirius stake," Liberty Media Chief Executive Greg Maffei said on Wednesday. He said that Sirius XM, which has more than 22.9 million subscribers, could one day make up the core of Liberty.

Liberty owns stakes in a variety of businesses, including book retailer Barnes & Noble Inc and concert promoter Live Nation Entertainment Inc, and smaller stakes in others including cable television company Discovery Communications Inc. It is known for engineering complicated deal structures that minimize taxes.

Speaking to investors at a conference in California that was broadcast over the Internet, Maffei said a tax-free spinoff -- an event that Wall Street had been expecting -- could be further off on the horizon.

"At some point (a spinoff) may become logical but I don't see that as something we need to get done in the near term," Maffei said.

Liberty, controlled by billionaire chairman John Malone, acquired an initial stake of about 40 percent in Sirius in 2009 as part of a deal in which it loaned the satellite radio provider $530 million to help stave off bankruptcy.

It acquired more shares in the open market in recent months and said it plans to boost its stake above 50 percent. As of this week, it held at least 49 percent of Sirius XM shares, according to regulatory filings.

In August, Liberty Media filed a new application with the U.S. Federal Communications Commission to take control of Sirius XM. The FCC has so far not responded to Liberty's application.

Maffei said on Wednesday that Liberty is seeking a hearing at the FCC as soon as possible.

Maffei's comments come just hours after Sirius XM Chief Executive Mel Karmazin told investors at the same conference that he may leave the company when his contract expires at the end of the year.

"I am certainly open to having a conversation but certainly my instincts today are that Liberty does not need me at the company," Karmazin said.

He added that he would be more interested in staying if Liberty spins off Sirius XM to public shareholders and does not remain the controlling shareholder of the satellite radio company.

As for Liberty's plans once it gains control of Sirius XM, Maffei said his company would push Sirius to use the technology it has developed internally.

Maffei said that Liberty Media Corp is still planning to spin off its premium pay-TV network Starz LLC into a separate public company. Starz, which runs the eponymous movie and TV channels as well as Encore-branded movie channels, will become a separate listed company with about $1.5 billion of debt.

Regarding a sale of Starz, Maffei said on Wednesday that "we're are a long way down the road from somebody approaching us."

Sirius shares closed down 3 percent at $2.43 on Wednesday, while Liberty shares slipped 0.75 percent to $102.52.


Sirius XM's Karmazin Expects Liberty Media to Replace Board
Wall Street Journal‎

Liberty Media Almost to the 50% Mark at Sirius XM
Forbes‎
 

UCJOE

I have a lot of business with the Chinese
Mar 7, 2009
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#22
So the "insiders" that said Mel would be fine bec he was "playing nice"

http://www.nypost.com/p/news/business/mel_on_sirius_outs_as_malone_moves_jfZiqBY554MukZV1GIRPNI

Sirius XM CEO Mel Karmazin is headed for a fall.

John Malone’s Liberty Media, which is angling to gain control of the satellite-radio company, is gearing up to replace Karmazin, The Post has learned.
Liberty, the largest shareholder in Sirius with just under 50 percent of the stock, will kick off a CEO search as soon as Karmazin’s contract runs out at the end of this year, said a source.
Yesterday, the outspoken Karmazin, who has been fending off Malone’s advances for months, predicted he would exit if Liberty gains control of the company.
“My instincts today are that Liberty does not need me at the company,” Karmazin said at a Bank of America media conference in Beverly Hills, Calif. “I have historically been expensive. It’s very clear to me that if I were Liberty, I would sit there and say, ‘I’m not sure we need Mel.’”
Splashnews
Sirius’ Mel Karmazin feels he might be a little too rich for the company’s soon-to-be new owner, John Malone of Liberty Media.


Indeed, Karmazin has made it clear that he doesn’t come cheap. Earlier this year, the Sirius CEO, who started out his career as a radio ad salesman, told Forbes that he was “one of the most underpaid executives in the history of executive payment.”
The remark irked Malone, who has been engaged in a public tug-of-war over the company with Karmazin.
“He tells the public he’s underpaid? It’s a joke,” Malone said at the Sun Valley Media conference over the summer.
Liberty has told the Federal Communications Commission that it plans to boost its stake above 50 percent and has asked the agency to approve it as the owner when that happens.
When it does, Liberty plans to replace some of the directors on the Sirius board, the source said. Karmazin also said yesterday that he expects Liberty to replace the board.
On Tuesday, Liberty Media upped its stake again to 49.7 percent, just under the 50 percent takeover threshold.
A Liberty spokeswoman said the firm doesn’t comment on rumor and speculation, while a Sirius spokesman declined comment.
Longtime rivals Malone and Karmazin have been battling since the spring, when Liberty began adding to its Sirius stake by buying up shares on the open market.
Karmazin kept Sirius from bankrupcty several years ago by accepting a $530 million loan from Liberty in exchange for a whopping 40 percent stake in the company.
While the deal came with a provision that prevented Liberty from seizing control for several years, the restriction expired this year, giving Malone an opening.
Meanwhile, there are other signs that Karmazin is prepping his exit.
In the last few months, just as the battle with Malone was heating up, Karmazin began cashing in his shares. Since April, he has sold $123 million worth of stock, according to regulatory filings.
The exec, who presided over the merger with rival XM Radio, is credited with dramatically boosting Sirius’s subscriber base, thanks in part to improving auto sales.
The shares, which traded as low as 9 cents when the company was on the verge of bankruptcy in 2009, closed down 3 percent yesterday to $2.42. The stock has rise 33 percent since January.
 

Pearce

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Dec 16, 2007
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#23
That poor guy Mel. So underpaid. I don't even understand how he pays his bills every month, he must be living paycheck to paycheck.
 

Creasy Bear

gorgeousness and gorgeousity made flesh
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Mar 10, 2006
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#24
I hope Liberty Media flushes all the worthless 'suits' out.
If they do, then they'll just repack the place with a whole new herd of their own worthless suits. That's how these corporations operates. They "clean house", and then they turn around and trash the place all over again.

I saw GE do it time and time again when I worked for them. Every other year they'd have a big "shake up"... a bunch of incompetent managers would get demoted, or shuffled around, or just tossed out the door... new suits would take their place, but it'd be the same corporate shit... only the names would change. Lather, rinse, repeat...
 

d0uche_n0zzle

**Negative_Creep**
Sep 15, 2004
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#25
Noooo!

We don't need more cloned suits. They are the black plague of humanity.