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Liberty Media Battles for Control of Sirius

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  • Description

    FBN’s Dennis Kneale on the media battle taking place for the future of satellite radio.

  • Duration 3:54
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A story that hits close to home for the I man listen up Liberty Media following a new application with the Federal Communications Commission FCC.

Will put allowed to take full control of Sirius XM radio and which -- I again it could increase its stake.

About 50% was this Maine for the company and CEO Mel Karmazin.

For more Fox Business is very and Denis Neill is here tell me about that where they are in terms of the on steak and what that FCC that this is quite a clash of.

Two media titans and now it looks like it's all but over and John Malone the billionaire cable cowboy you were probably two and a half we have billion dollars.

-- TCI telecommunications the biggest cable system operator years ago merger with AT -- still on the scene.

For decades in the business he rescues Mel Karmazin serious.

Two years ago with a loan 550 million no one else would rescue congress and Malone steps in and does insist payback he does but -- -- -- For 121000 dollars a lot of buy preferred stock in your company serious -- And converted at 40% stake will now that is up to 48%.

And now he's about to go over 50% take full control.

Mel Karmazin has that be known all along hate.

I like working for a boss man and I talked with Malone about this 1130 late one night coming -- bar and Sun Valley.

Where all the press are allowed and we have to wait on the lobby and -- he comes out we start talking about -- -- -- about your story of greed and betrayal.

You rescue Mel Karmazin and then you've -- you're gonna pull the company right out from under up.

And they say it's nothing personal it's just business is that you know Mel says he doesn't -- -- work for another boss -- -- but.

Now -- to get over that he -- a call Sumner redstone you know -- work for -- -- by Colin hated be as number two got a call so Arizona make up and get over that.

He'd be happy to have milk -- there around the -- -- super sale comes as -- happy with yeah -- -- -- with -- job you -- -- it was their -- is although with the possible the people who run it or maybe even someone inside serious he told me now understand the Mel Karmazin.

Let us not -- -- -- bell.

Of since may.

As belongs been gobbling up a little more of this company on the market since may he has sold by my reckoning here.

45 million shares that he had options on a 43 cents remember this the company goes at -- -- time when John Malone and Liberty Media stepped in to rescue effort to Gaza for 45 million shares at 43 cents yet options.

But he sold about two dollars to fifty apiece -- he probably is in the -- the black and profit.

Mel Karmazin has -- hundred million dollars already.

If he has to walk away and suffer the indignity in the brutality.

I'm no longer run in his own show his hundred million dollars in -- -- -- you know for any time on the rhetoric recently -- the idiot -- I think he.

Yeah you know this of the -- on this in the conference call should look what I said that about not working for another Boston.

That was really about how -- vote was -- for Sumner redstone high budget estimates under feel real good.

So maybe he soften its stance that you just -- you know Malone is purely an alchemist he just cares about moving money around to the best most efficient use possible it's not personal and if it helps them more to keep -- he'll keep.

Mel in what the probable do with that stake -- the Liberty Media.

If they'll do with -- what they did with a 36% stake in DirecTV satellite TV -- -- from Rupert Murdoch to leave Rupert colonial News Corp.

-- that go away he spun off to shareholders it may take the the the stake in Mel Karmazin is -- serious attempt eventually it's been a directly off to their shareholders in liberty so if you -- liberty you're buying a -- -- Serious accident one quick before we go how is the business how is serious is -- -- linked to car sales right.

And -- at 1417.

Million -- we were at sixty and a half for seventeen million.

And so like and -- that's kind of difficult yet it's coming back and it's look about -- and they try to go for home or for an up but it just hasn't worked it's mainly a car thing.

-- -- -- -- Yeah it and cartels are okay right now this great to save you -- -- -- -- Dennis again at noon today if that's -- mr.

Dennis.

There's never show.

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