Liberty Media is offering troubled satellite radio Sirius XM a USD250m loan to help it meet its debt commitments, in exchange for an equity stake in Sirius. The loan would help Sirius avoid a takeover from EchoStar CEO Charlie Ergen, who recently bought some of the radio provider's debt and wants to buy a controlling influence in the business.
The USD250m loan is the first stage in a staggered deal worth a total of USD530m. In return, Sirius will provide Liberty Media with 12.5m shares of preferred convertible stock.
StrategyEye's related categories: Broadcasters - Radio, Broadcasters - Satellite Radio
StrategyEye's related companies: XM Satellite Radio, EchoStar Communications, Liberty Media, Sirius XM
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