Liberty Media to Take Control of Sirius XM Radio; Raises Its Stake More Than 50% - P, CMLS, SALM

Pompano Beach, FL -- (SBWIRE) -- 01/18/2013 -- John Malone's Liberty Media Corporation purchased additional 50 million shares in Sirius XM Radio, increasing its interest greater than 50% and locating it to take control.

Along with the share purchase, made at an average amount of $3.15 per share formerly this week, Liberty as well changed its rest of preferred stock to common stock, in relation to filings with the Securities and Exchange Commission on Thursday.

Is SIRI a Solid Investment at These Levels? Read This Report For Details

Based on the number of Sirius outstanding shares in the satellite radio broadcaster’s latest disclosures, these moves increased Liberty's interest to almost 50.7% of the firm.

The deals reached a couple of weeks following Liberty received authorization from the Federal Communications Commission to take control of Sirius. Liberty stated it would do so within two months.

So far today, Sirius XM Radio Inc (NASDAQ:SIRI) shares gained +0.32% to $3.15 while the stock is changing hands within a range of $3.15 – $3.19. In the past year, the stock has traded between $1.78 and $3.19. Its average daily trading volume is 3.56 million shares.

What was the Moving Force behind SIRI On Bullish Run? Read This Research Report

Looking at other stocks in the same industry, Pandora Media Inc, Cumulus Media Inc and Salem Communications Corp are in the top volume leaders. Let’s have a quick look on their Market performance.

Pandora Media Inc (NYSE:P) shares are down -1.57% to $10.68 while the stock is trading within the range of $10.56 – $10.85 in the current trading session. In the last 12 months, shares have floated between $7.08 and $15.25. This stock, on average, has trading volume of 5.70 million shares.

Why Should Investors Buy Pandora Media After the Recent Fall? Just Go Here and Find Out

In this session so far, Cumulus Media Inc (NASDAQ:CMLS) shares moved up +0.68% reaching $2.94. The stock is trading in a range of $2.89 – $2.94. In the last year the stock has moved within a range of $2.08 – $3.35. The Company’s average daily trading volume is 364,182 shares.

For How Long CMLS will Fight for Profitability? Read This Trend Analysis report

Another rival company, Salem Communications Corp (NASDAQ:SALM), is trending -2.36% lower to $5.37. The stock price is hovering in range of $5.31 to $5.51. In the previous 52 weeks, shares price ranged between $2.44 and $6.00. Their average daily trading volume is 26,482 shares.

Has SALM Found The Bottom and Ready To Move Up? Find Out Here

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