Media mogul John Malone came to the rescue earlier this year by providing a bridge loan that effectively saved Sirius XM Radio Inc. from bankruptcy. But was this move part of a bigger plan for the satellite radio medium?
Recent activity between Liberty and failing worldwide satellite radio provider Worldspace might point to some clues.
According to Rapid TV News, Malone has used his Liberty Satellite Radio LLC, to acquire about $102 million worth of preference claims and court-guaranteed financial advances to Worldspace.
In essence, Worldspace is "selling" their bankruptcy claims to Liberty.
Apparently, plans by Worldspace's founder Noah Samara to acquire the complete company had fallen through a couple weeks ago when he failed to come up with the $28 million he bid. So now Malone is riding in as the white knight once again.
It's not clear exactly what Malone's plans are, but what is clear is that he has taken a strong interest in the satellite radio space in general.
According to Rapid TV News, Liberty has bought the claims from:
- Citadel Equity - $48.5 million
- Highbridge Int'l - $38.4 million
- Angelo Gordon - $3 million
- OZ Master Fund - $11.1 million
[Rapid TV News]
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