Sirius Board Members Depart After Liberty Media’s TakeoverAlex Sherman
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.