Troubled Sirius XM Radio announced Tuesday, following reports, that it will accept an investment from cable giant Liberty Media.
The investment, which will save the satellite radio company from bankruptcy or a hostile takeover, will take the form of $530 million in loans in exchange for an equity stake.
The first phase of the investment will consist of a $280 million loan, $250 million of which will be funded immediately on Tuesday, a statement from Sirius XM noted. The second phase, a $150 million loan, will be aimed specifically at the company's XM Satellite Radio subsidiary. Liberty, which owns … Read more