Liberty Media Keeps Sirius XM in Its Sights

A boardroom drama has been unfolding over the last couple of months between Sirius XM Radio and its biggest shareholder, Liberty Media.

There has been no mystery about Liberty’s intentions — it wants to take Sirius over — but in a government filing, the company laid out its plans concerning Sirius, which include buying more stock and replacing the members of the board. When Liberty saved Sirius from bankruptcy in 2009 with a $530 million loan, it got its original 40 percent stake in return, but agreed not to make any attempts to take over the company for three years. That agreement expired in March.