Liberty Media drops bid to buy rest of Sirius

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Associated Press

Posted on March 14, 2014 at 6:01 AM

Updated Friday, Mar 14 at 6:01 AM

ENGLEWOOD, Colo. (AP) — Liberty Media is dropping its bid to buy the remaining stake of satellite radio provider Sirius that it doesn't already own.

Liberty Media Corp., which is controlled by billionaire John Malone, said late Thursday that it is reclassifying its common stock to make two new tracking stock groups.

The Englewood, Colo., company said that because of the tracking stock distribution, it is withdrawing its offer for the rest of Sirius XM Holdings Inc. Liberty Media owns 53 percent of Sirius stock.

In January, Liberty announced a complex proposal that would have allowed it to obtain full ownership of Sirius. The deal would've valued Sirius at nearly $23 billion.

Liberty Media President and CEO Greg Maffei said in a statement that the company may hold further discussions with Sirius.

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