Sirius XM set to get new owner

 
Story by Inside Radio

With little opposition to Liberty Media’s takeover of Sirius XM Radio, there was little drama over whether the FCC would approve the maneuver.  By granting Liberty’s request to buy a controlling interest in the satellite radio company, it’s now likely a matter of days or weeks before Liberty will finish the process it began 10 months ago.

International Bureau chief Mindel De La Torre writes in the seven-page decision that the transfer is “unlikely to disadvantage terrestrial radio programmers” and sees no harm to subscribers either.  “As we do not find substantial public interest harms with this proposed transaction, we find the general benefits that are likely to result from the transfer of control provide a sufficient basis to conclude that the transaction will serve the public interest,” De La Torre writes in the decision.

The John Malone-led Liberty has already bought a 49% stake in the satellite radio company, and with the FCC approval it will convert more of its preferred securities to bring its holdings above the 50% threshold within the next 60 days.

Sirius XM’s president of sales and operations Jim Meyer was named interim chief executive last month after CEO Mel Karmazin departed from the company six weeks earlier than planned.  Liberty Media CEO Greg Maffei told investors in November the company doesn’t feel rushed to hire a permanent successor.  “The caliber of person you’re taking about is unlikely to be [found in] a one-month process — I would hope it would be six or less,” Maffei said.  He added that the three-member search committee was considering both internal and external candidates for the post.