Professor of Law Christopher S. Harrison on Sirius XM Radio ...

By Demian Russian

On the heels of the Federal Communications Commission?s (FCC) dismissal of Liberty Media Corporation?s (NASDAQ:LMCA) application filing seeking ?de facto? control of Sirius XM Radio?s (NASDAQ:SIRI) licenses on Friday, Liberty Media announced this morning that they have entered into a forward purchase contract for 302 million shares of Sirius XM stock at a price of $2.15?per share. Liberty Media said that this equates to ?a total notional amount of?$650 million? and that ?if physically settled? would result in Liberty Media?s ownership stake in Sirius XM rising to 45.2% on an ?as-converted basis.?

Liberty Media President and CEO Greg Maffei stated on Liberty?s Q1 conference call with analysts this morning that the company entered into this forward purchase contract to increase its stake in Sirius XM Radio because ?we thought it was attractive financially and because we thought it increased some of our options around what the ultimate relationship with Sirius XM is.?

Mr. Maffei also indicated that Liberty Media would be appealing the recent FCC dismissal of their filing for ?de facto? control?and would be amending their application over the next 30 days. Maffei stated, ?There are a host of things?actions we might take, including this action we have taken, which will have bearing on our application and we will weigh those as we sit over the next 30 days and decide how to amend.?

Christopher S. Harrison

Professor of Law Christopher S. Harrison will be returning as the special guest on this evening?s Playground Radio program at 8:00 pm ET for an exclusive interview to discuss these recent developments. Professor Harrison will be offering his expert legal perspective on what all of this really means and what Liberty Media and Sirius XM Radio?s options are now and moving forward.

Christopher S. Harrison is an adjunct professor of law at NYU School of Law, where he teaches courses on Mergers & Acquisitions. He is also an M&A partner at a law firm in New York City called Schulte Roth & Zabel. In addition to teaching and practicing, he is currently in the final stages of publishing a book on M&A with Bloomberg Law.

This will be the third time Professor Harrison has joined us as our special guest on Playground Radio to discuss the recent developments between Sirius XM Radio and Liberty Media. The?replays of my previous interviews with Professor Harrison, as well as the live audio stream of tonight?s program, are available via the Playground Radio home page.

Playground Radio ? Professor of Law Christopher S. Harrison
Tuesday, May 8th, 2012, 8:00PM ET

Disclosure: Long SIRI
Contact the author:?DemianRussian@SatelliteRadioPlayground.com

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