Liberty Media Corp who owns the Discovery Channel, QVC, among other assets, has purchased a $530 Million stake in Sirius/XM, which keeps the troubled satellite radio broadcaster alive and kicking for now. Sirius/XM CEO Mel Karmazin had this to say:
“We are pleased to have come to this agreement with Liberty Media, particularly in light of today’s challenging credit markets. Liberty’s investment is an important validation of what SIRIUS XM has already achieved and a vote of confidence in what we will achieve. This agreement enables Sirius XM to continue to develop the opportunities first outlined in the merger of Sirius and XM. By strengthening our capital structure and enhancing our financial flexibility, this investment allows us to continue providing the great content and innovative programming our subscribers know and love.”
Of course the fact that this deal will keep angry investors who were lining up to kick his ass boot him from his post at bay doesn’t factor into this of course.
So it looks like people who have these radios will be able to continue to listen to the Martha Stewart Channel, The Oprah Channel, and whatever else is on satellite radio for at least the short term.
Like this:
Like Loading...
Related
This entry was posted on February 17, 2009 at 9:06 am and is filed under Commentary with tags Sirus, XM. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Sirius/XM Lives….. For Now….
Liberty Media Corp who owns the Discovery Channel, QVC, among other assets, has purchased a $530 Million stake in Sirius/XM, which keeps the troubled satellite radio broadcaster alive and kicking for now. Sirius/XM CEO Mel Karmazin had this to say:
“We are pleased to have come to this agreement with Liberty Media, particularly in light of today’s challenging credit markets. Liberty’s investment is an important validation of what SIRIUS XM has already achieved and a vote of confidence in what we will achieve. This agreement enables Sirius XM to continue to develop the opportunities first outlined in the merger of Sirius and XM. By strengthening our capital structure and enhancing our financial flexibility, this investment allows us to continue providing the great content and innovative programming our subscribers know and love.”
Of course the fact that this deal will keep angry investors who were lining up to kick his ass boot him from his post at bay doesn’t factor into this of course.
So it looks like people who have these radios will be able to continue to listen to the Martha Stewart Channel, The Oprah Channel, and whatever else is on satellite radio for at least the short term.
Share this:
Like this:
Related
This entry was posted on February 17, 2009 at 9:06 am and is filed under Commentary with tags Sirus, XM. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.