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Sirius XM Keeps It in the Liberty Media Family

By Rick Munarriz - Apr 11, 2013 at 7:00PM

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Another board shakeup takes place at Sirius XM as Liberty Media rearranges the furniture.

Sirius XM Radio (SIRI -0.64%) is shaking up its board for the second time this year.

Liberty Media (FWONA) is making sure that everyone knows that it's the one calling the shots, as Liberty Media CEO Greg Maffei will replace Los Angeles Times CEO Eddy Hartenstein as chairman of the satellite radio provider. Hartenstein will remain on the board as its lead independent director.

There will also be two changes from the board appointments that Liberty announced earlier this year.

It was disclosed in an SEC filing last night that Liberty Media mastermind John Malone, and executive Charles Tanabe, won't stand for re-election during next month's annual shareholder meeting. Malone has been on the board since Liberty Media offered Sirius XM critical financing support four years ago. Tanabe has only been on the board since January.

Dr. Evan Malone -- John's son -- and Discovery Communications CEO David Zaslav will step in for the two departing board members.

They have to be voted in next month, but who are we kidding? Liberty Media does have majority control of the company.

Critics will argue that there are too many board members with connections to Liberty Media, but it's not as if the eclectic media empire would do anything to sabotage Sirius XM. It has more at stake in the company than everybody else combined.

Next month's annual shareholder meeting -- on May 21 -- will definitely be an interesting one. The market still isn't sure about Liberty Media's intentions now that it has gained control of the thriving satellite radio provider.

A little color will be welcome, especially as the shares are within sight of a fresh five-year high.

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Stocks Mentioned

Sirius XM Holdings Inc. Stock Quote
Sirius XM Holdings Inc.
SIRI
$6.19 (-0.64%) $0.04
Liberty Media Corporation Stock Quote
Liberty Media Corporation
FWONA

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