Liberty Quietly Scraps Takeover Plan Valuing Sirius At $23B

Law360, New York (March 14, 2014, 11:12 AM EDT) -- Liberty Media Corp. on Thursday quietly yanked a bid to round out its stake in Sirius XM Holdings Inc., a deal that valued the satellite radio provider at $23 billion, in favor of plans to divide its holdings into two tracking stocks.

The move leaves Liberty, controlled by media magnate John Malone, with the 53 percent Sirius stake it has held for years. The erstwhile buyer had previously said taking full control of New York-based Sirius would streamline the companies' long-term relationship, but given the reworked...
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