Liberty Media Corp., headed by John Malone, is reportedly close to a deal to acquire a minority stake of Sirius XM for $250 million in a senior secured loan. The loan would be the first step in a "multi-stage" deal to rescue the company, the Financial Times reports. If consummated, the deal would put Malone's group, which controls DirecTV, in bed with the satcaster.
According to the New York Times blog, DealBook Malone's investment, which could be upwards of $450 million, is more than the company's market capitalization -- and Malone would only get several board seats and a minority stake for just under half the company.
Tuesday, February 17, 2009
Mel's heiney saved again
I don't know he does it, but...Mel just found someone to loan him more money than the company is worth in exchange for only half of the company (Sirius/XM).
