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Liberty Media has reached an agreement to provide Sirius XM with $530 million to pay off its debts that are coming due very shortly and keep the satelite radio company from going under. The first  payment of $280 million will be $171 million go straight to debtors and the addition $25o will be available to pay off other debts and prevent a takeover by Dish Network. Liberty Media is the parent company of DirecTV so this was a strategic move by the company to prevent competitor Dish Network from claiming sole possession of satelite radio. In return Liberty Media will receive 12.5 million shares and two board of directors positions expected to be filled by Liberty Media founder John Malone and CEO Greg Maffei. It is good to see that a company was able to come to the rescue to prevent another large bankruptcy.

Full Article: Engadget