And then there was one…well, not quite yet. Sirius Satellite Radio, the smaller of the two satellite radio service providers in the United States, is still on the air – but barely.
On Tuesday the FCC approved the transfer of Sirius’ licenses to broadcast via satellite to the company’s largest creditors. A life-or-death deal hinged on this transfer taking place. In exchange for the licenses, a consortium of investment banks and private capital investment firms will swap approximately $700 million worth of debt and $200 million cash, and will also acquire majority stock control of the company. Continue reading “Sirius Sells Out to Creditors”
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