Sirius XM Saved by the Bell
Howard Stern can sigh with relief. His home on Sirius XM satellite radio is safe, at least for now. Liberty Media Corp., parent company of DirecTV, has stepped up to the plate to save the floundering radio service. In a corporate game of Six Degrees, it's interesting to note that XM was started by Hugh Panero, the brains behind DirecTV years ago.
Liberty Media is investing $530 million in the company, first as a $280 million loan to Sirius, then $150 million for XM. In return, Liberty gets 12.5 million shares of preferred stock.
I wonder what this means for my shares in the company? --Leslie Shapiro