Advertisement
Tuesday, March 9, 2010

Liberty Media adds another satellite radio company to its roster

Last year it threw a lifeline to Sirius XM, which was teetering on bankruptcy. Now, John Malone’s Liberty Media is close to adding the assets of a second satellite radio company. Silver Spring, Maryland-based WorldSpace, which has been mired in Chapter 11 bankruptcy protection since 2008, owns three orbiting satellites and broadcast spectrum. A subsidiary of Liberty Media had already bought an interest in WorldSpace, which at one time had subscriber-based operations in Asia and Africa. The Denver Business Journal says that “Liberty Media has pumped $21 million into WorldSpace since assuming control,” but WorldSpace “could be on the hook for $2.2 billion in debt.” Tom Taylor’s “Taylor on Radio-Info” on Tuesday reports Sirius XM CEO Mel Karmazin has said he’s “willing to be a ‘strategic partner’ in assisting WorldSpace – if asked.”

Tags: None

Previous and Next Stories

Advertisement
Advertisement