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Liberty Media Buys Major Stake in Sirius XM

Washington, DC — Sirius XM Radio and Liberty Media signed a deal that will help the struggling satellite radio giant avoid bankruptcy.

Liberty Media, which owns a controlling interest in DirecTV, will invest $530 million in the company in exchange for 12.5 million shares of preferred stock (about 40 percent of Sirius’ common shares) and two seats on the company’s board.

The money will help Sirius ward off a potential takeover by Dish Network Corp., owned by Charlie Ergen, who is a business rival of Mel Karmazin, Sirius XM’s CEO.