Updated from Monday, Feb. 16 Liberty Media Corp. is close to a deal that would save Sirius XM(SIRI Quote) from bankruptcy, according to a published media report.
Liberty Media was near a deal late Monday to invest in Sirius XM in return for just under half of the company, the Wall Street Journal reports, citing people familiar with the matter.
Under the proposed agreement, Liberty would invest several hundred million dollars in Sirius in two stages and eventually control about half of the company, the people said.
Both sides were still negotiating final details, the report said, citing people familiar with the matter. But Liberty Media appeared as if it would edge out media tycoon Charles Ergen for a significant stake in Sirius XM, the report added. Liberty Media and Sirius XM hoped to announce a deal before the opening of the New York stock market Tuesday, the report said. ...
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