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Liberty Media (Nasdaq: LMCA ) wants some more skin in the satellite-radio game.
John Malone's eclectic holding company already had a 40% preferred share stake in Sirius XM Radio (Nasdaq: SIRI ) when it was rebuffed last month in petitioning for de facto control. Through a pair of transactions revealed this week, Liberty Media may have an effective 46.2% stake in the company by the third quarter. A few more deals to push its stake above 50% and it may not need to win its appeal for de facto control after all.
Sirius XM investors who were hoping for a juicy buyout premium may be out of luck in the near term, but that doesn't mean patience won't pay off in the long run. Without an outright acquisition, the premium-radio leader will be able to continue appreciating in value as it grows its subscriber base and bottom line in this very scalable model.
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
- Jamba Juice parent Jamba (Nasdaq: JMBA ) posted a healthy 12.7% spike in comps at its company-owned stores in its latest quarter. The economy must be improving if folks aren't backing away from paying a premium for vitamin-boosted smoothies.
- Avon (NYSE: AVP ) shot down a buyout offer at $23.25 a share, but this week it received a proposal to take the company out at $24.75 a share. Will it hold out for more? I thought Avon reps were good at closing sales.
- Some streaks are just impressive, as priceline.com (Nasdaq: PCLN ) has now beaten Wall Street's profit targets for 24 quarters in a row. Did you know that more than 80% of Priceline's bookings are now international? Talk about being a globetrotter.
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