Thanks to some generous folks over at Liberty Media, your Sirius XM receiver will remain functional, at least for near future. The American media conglomerate, best known as the owner of DirecTV, has agreed to loan the satellite radio service $530 million in attempt to save the company from avoiding bankruptcy. Per The Washington Post:
…the loan will go to paying $175 million in debt that comes due for Sirius today. The remainder of funds will be used to pay other debts coming due in May and at the end of the year, and for general working capital to run the satellite radio business.
In exchange, Liberty will receive 40 percent of Sirius’s common stock and get seats on Sirius’s board of directors. Liberty Chairman John Malone and chief executive Greg Maffei are expected to take those seats.
Hey, at the very least, it’s better than what’s going on in the world of Live Nation Ticketmaster these days…