Sirius XM Keeps It in the Liberty Media Family
Apr 11th 2013 7:00PM
Updated Apr 11th 2013 7:02PM
Sirius XM Radio is shaking up its board for the second time this year.
Liberty Media 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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The article Sirius XM Keeps It in the Liberty Media Family originally appeared on Fool.com.Longtime Fool contributor Rick Munarriz owns shares of Liberty Media. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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