Liberty Media Corporation Investment
As of February 11, 2009, Sirius XM had $3.25 billion in total debt and had until February 17, 2009 to repay $175 million in bonds held by EchoStar. EchoStar has been buying Sirius XM's debt since an unsuccessful December 2008 takeover bid. Shares of Sirius XM had been trading for less than $1 from September 10, 2008 until February 2010. The company announced in early February 2009 that it may file for bankruptcy "as early as" Tuesday, February 17, 2009. On February 17, 2009, Sirius entered into an investment agreement with Liberty Media Corporation. Sirius received 550 million dollars to pay off maturing debt in exchange for 40% of its convertible preferred stock.
Read more about this topic: Sirius Satellite Radio
Famous quotes containing the words liberty, media, corporation and/or investment:
“Our reliance is in the love of liberty which God has planted in our bosoms. Our defense is in the preservation of the spirit which prizes liberty as the heritage of all men, in all lands, every where.”
—Abraham Lincoln (1809–1865)
“The corporate grip on opinion in the United States is one of the wonders of the Western World. No First World country has ever managed to eliminate so entirely from its media all objectivity—much less dissent.”
—Gore Vidal (b. 1925)
“What I am anxious to do is to get the best bill possible with the least amount of friction.... I wish to avoid [splitting our party]. I shall do all in my power to retain the corporation tax as it is now and also force a reduction of the [tariff] schedules. It is only when all other efforts fail that I’ll resort to headlines and force the people into this fight.”
—William Howard Taft (1857–1930)
“There is something fascinating about science. One gets such wholesale returns of conjecture out of such a trifling investment of fact.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)