Bloomberg News

Sirius Names Liberty’s Maffei Chairman After Shift in Control

April 11, 2013

Sirius XM Radio Inc. (SIRI:US), controlled by cable billionaire John Malone’s Liberty Media Corp., announced a new chairman and directors following the takeover in January.

Greg Maffei, chief executive officer of Englewood, Colorado-based Liberty Media, was named chairman, succeeding Eddy Hartenstein, who remains on the board, according to a filing yesterday. New York-based Sirius also added Discovery Communications Inc. (DISCA:US) CEO David Zaslav and Evan D. Malone to its board.

Liberty Media gained control of Sirius XM, the satellite- radio broadcaster, in January after increasing its stake to more than 50 percent over the past year. Three Sirius directors resigned that month and were replaced by four people, including interim CEO James Meyer. Mel Karmazin left as Sirius CEO in 2012.

Malone helped Sirius avoid bankruptcy in 2009, investing $530 million to pay off loans in exchange for a 40 percent equity stake. Liberty has made billions on the deal as Sirius shares have advanced more than 19-fold from 16 cents on Feb. 17, 2009, when the loan was announced.

The stock rose 2.1 percent to $3.13 yesterday in New York and has gained 8.3 percent this year.

To contact the reporter on this story: Alex Sherman in New York at asherman6@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net


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