NEW YORK ( TheStreet) -- Sirius XM Radio ( SIRI) is appealing to federal regulators to prevent Liberty Media Corp. ( LMCA) from taking over the satellite radio company.
On Friday, Sirius revealed in a filing to the Federal Communications Commission that Liberty has asked the FCC for permission to take "de facto" control of Sirius, The Wall Street Journal reported. But Sirius asked the FCC to "dismiss or deny" the application, the Journal added.
Liberty owns preferred stock that is convertible into about 40% of the outstanding common stock of Sirius. Shares of Sirius surged 10 cents, or 4.5%, to $2.31 Friday on speculation that Liberty would try to increase its stake in Sirius. > > Bull or Bear? Vote in Our Poll