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Sirius Wants Out of Liberty Media’s Control

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  • Description

    FBN’s Dennis Kneale on the fight between Sirius XM and Liberty Media.

  • Duration 1:44
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This transcript is automatically generated

All right back on the breaking news from.

Serious -- and the Wall Street general -- serious accent says.

-- is in discussions with Liberty Media to explore possible transactions.

-- -- -- covering this story.

As it develops by the minute he joins us now Dennis what do battle this is between this is that the two major yeah -- and I think this is a knife fight between two very big guns and man it's getting nastier.

The latest news.

Where we've got serious now saying admitting in a filing today quote we have been engaged with discussions of Liberty Media to explore possible transactions with respect to its ownership interest in serious.

Let's set the the scene for it.

Understand and -- series is not to go out of business the stock trades at a dime you know they think there's no hope no loan them money John Malone and Liberty Media -- said.

Half half a billion dollar loan now they pay -- back within a year -- or so all that plus interest.

But part of the -- -- that loan -- they wanted to buy your preferred stock is yeah and control for 121000 dollars to backstop is now worth north of three billion dollars or so auditing and he says I want control and he's.

Coming to tell the company we're gonna take over the border we're gonna convert from a preferred stock and -- other shares were gonna vote to take over the board.

And now for the first time we -- that serious as looking at something they can do to get rid of John Malone but the FCC refused the take control.

Application by live right originally never -- that -- give -- their licenses we will control and -- -- -- -- million dollars so they went from 40% stake in -- to 46%.

Alexander that would pretty -- have control they're asking the FCC to reconsider -- that but even that the FCC says no one that.

But -- they can replace the board and will not want Mel Karmazin be leaving the company that -- we want to figure out next that'll be those idol series that cannot screw around.

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