FCC Sinks Liberty Media's Sirius XM Takeover Bid

Law360, New York (May 4, 2012, 9:43 PM EDT) -- The Federal Communications Commission on Friday denied a move by Liberty Media Corp. to take control of Sirius XM Radio Inc., finding the fact that Liberty couldn't obtain signatures from Sirius — which opposed the takeover — rendered the application unacceptable.

Sirius had asked the FCC to deny a March 22 request to let Liberty, which owns preferred stock convertible into a 40 percent stake in Sirius, take de facto control of the company, a designation that lets an investor influence a company's operations without holding...
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