Sirius Asks FCC To Cage Liberty Media's Takeover Play

Law360, New York (April 2, 2012, 4:33 PM EDT) -- Sirius XM Radio Inc. asked federal regulators on Friday to block a power play by its biggest shareholder, Liberty Media Corp., to wrest control of the company from its owners, including former Viacom Inc. No. 2 exec Mel Karmazin.

Liberty, which owns preferred stock convertible into a 40 percent stake in Sirius, filed an application March 22 with the Federal Communications Commission to take de facto control of Sirius, a designation that allows an investor to influence a company's operations without having to acquire more than...
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