Sirius XM Inches Closer to Takeover, Karmazin May Go

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Liberty Media said it has purchased another round of stock in Sirius XM and now owns a 49.7 percent share of the satellite radio company, which it may soon control.

Mel Karmazin
Sirius XM CEO Mel Karmazin

It would now cost Liberty only about $50 million to top the 50 percent mark to win a controlling stake in Sirius XM, said The Wall Street Journal.

Sirius XM CEO Mel Karmazin, whose contract with the satellite radio company ends in December, said today he has no interest in staying on as CEO if Liberty takes over Sirius XM, under most circumstances.

“My instincts today are that Liberty does not need me at the company,” he told an audience at a Merrill Lynch conference on Media in Beverly Hills Wednesday.

Liberty paid $75 million ($2.49 per share) in the recent round of stock purchases, boosting its share up from 49.2 percent, it said in a filing with the SEC.

Source: Sirius XM, The Wall Street Journal 

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