Liberty Media has made no secret that it wants to absorb US pay-radio broadcaster Sirius-XM, and eventually consolidate it into one of its companies. However, a group of disgruntled existing shareholder have issued writs in a Delaware court arguing that Sirius’s existing directors are not doing enough to resist Liberty’s advances.
Specifically, their action argues that Sirius-XM’s directors should have erected much stronger anti-takeover defences against Liberty, and its chairman John Malone. The writ also alleges that Sirius-XM’s directors are not acting in the best interests of the company.
Liberty now owns or controls 48 per cent of Sirius-XM.
Separately, Sirius-XM announced August 21st that it would redeem some $681 million-worth of debt ten months earlier that needed, leaving the broadcaster with $2.44 billion of outstanding debt.