What changes are going to come out of this?
Jan 21, 2014 (ACCESSWIRE via COMTEX) -- Despite a bevy of law-firm investigations of Sirius XM Holdings Inc. SIRI -0.40% for potential stockholder claims as a result of the satellite-radio company's proposed acquisition by Liberty Media Corp., its stock price is making healthy strides.
On Jan. 3, 2014, Liberty Media make its intentions to buy Sirius public by offering about $10.4 billion at a rate of $3.68 per share to take over the network that broadcasts the legendary and hyper-successful Howard Stern. The deal would involve creating a new class of stock called Series C, adding 0.076 per share to give the company a total market value of as much as $27 billion.
The pending acquisition is no doubt driving Sirius Stock volume. On Jan. SIRI traded 17, 55,532,880 shares.
In 2009, Liberty Media bailed out Sirius XM from going bankrupt with a $530 million loan. Since then, Sirius XM has built a subscriber base 25.6 million strong with a myriad of paid-radio choices including classical, rock, alternative, country, sports and live concerts, with Stern serving as the company's platinum anchor. Having new cars equipped with XM receivers has also boosted the company's popularity and acceptability. However, Sirius XM still faces brutal competition from such digital radio competitors as Pandora Media Inc., AOLRadio and Apple Inc.
Its share price closed at $3.72, up 5 cents from its closing price of $ 3.67 the previous day.--
"We are the only intelligent people in the universe." Arrogance 3:10
Sometimes, I like to tape my thumbs to my nipples and pretend I am a T-Rex. rawr