Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sirius Board Members Depart After Liberty Media’s Takeover

Jan. 22 (Bloomberg) -- Sirius XM Radio Inc., the satellite-radio broadcaster, said three directors have resigned from the company’s board following a takeover by Liberty Media Corp.

Leon Black, Lawrence Gilberti and Jack Shaw have stepped down from the board, Sirius said today in a regulatory filing. The New York-based company has named Mark Carleton, Robin Pringle and Charles Tanabe to fill the vacancies. Interim Chief Executive Officer James Meyer, who took over after the resignation of Mel Karmazin last year, also joined the board.

Liberty Media, controlled by billionaire John Malone, gained majority control of Sirius last week after purchasing 50 million shares of the radio operator. Liberty owns a 50.2 percent of Sirius, according to today’s filing.

Liberty Media, based in Englewood, Colorado, plans to spin off its stake in Sirius, Malone said in July. Malone helped Sirius avoid bankruptcy in 2009, investing $530 million to pay off loans in exchange a 40 percent equity stake. Liberty has made billions on the deal as Sirius shares have increased more than 19-fold from 16 cents on Feb. 17, 2009, when the loan was announced, to $3.15 at the close today in New York.

Liberty Media rose 0.2 percent to $110.74 at the close in New York.

To contact the reporter on this story: Alex Sherman in New York at asherman6@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.