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Liberty Media saves the day, dumps over half a billion into Sirius XM

Updated Dec 19th, 2018 6:14PM EST
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D-Day has arrived for the struggling satellite radio provider and for the time being, all is not lost. Liberty Media has indeed swooped in and pumped $530 million into Sirius XM in order to prevent the company from defaulting on $175 million in debt owed to Echostar today. Echostar’s Charlie Ergen had offered to take control of the company in an effort to “help” it avoid bankruptcy but the Sirius XM board seemingly wouldn’t even consider Ergen’s offer as a possibility. Instead, Sirius opted to work with Echostar’s biggest competitor – Liberty Media is the majority owner of DIRECTV while Echostar owns and operates the DISH Network fleet of satellites – giving Liberty 40 percent of the company and two seats on its board in exchange for the loan, $250 million of which will be funded today. Zing! Despite the fact that Ergen will get his $175 million in full today, something tells us he won’t be doing the happy dance.

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Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.

His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.

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