Liberty Media (LMCA) keeps buying shares of Sirius (SIRI) as it seeks to take control of the company. In a filing late on Tuesday, Liberty said it had purchased an additional 90 million shares, upping its stake to 48%. Liberty has asked the FCC for permission to exercise control of the company, a move that Sirius opposes. The FCC hasn’t responded yet, notes the Wall Street Journal.
Liberty said last week it would spin off its Starz division, helping free up cash to pursue Sirius and other deals.
Sirius CEO Mel Karmazin has argued that the entity taking control of Sirius should have to pay a premium, says the Journal.
At least one analyst thinks that Sirius might buy back Liberty Media’s shares.
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