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FCC Approves Liberty Media Taking Control of SiriusXM Radio

Liberty Media expects the ownership transfer to be complete in 60 days

The Federal Communications Commission granted Liberty Media its approval to finish its takeover of SiriusXM, the cable giant said Thursday.

Liberty has been buying shares of the satellite radio company for the past few years. The transfer is expected to be complete within 60 days.

Courtnee Ulrich, a spokeswoman for Englewood, Colorado-based Liberty, didn’t immediately respond to requests from TheWrap for comment. Liberty first invested in Sirius in February 2009, when it gave $530 million in loans to the radio company, then facing bankruptcy. In exchange, Liberty took an equity stake in the firm.

The media firm already owns or has interests in a broad range of entertainment and media businesses, including the Atlanta Braves Baseball Club, Starz, Live Nation Entertainment and Barnes & Noble.

Sirius has 23.4 million subscribers and rose to profitability in 2010 after more than 10 years of losses. Its radios are installed in about two-thirds of all new automobiles sold in the United States.

Liberty's stock price rose 5 cents to $119.84 at the close of trading Thursday. Sirius rose 6 cents to $3.08.