Most Popular Articles
Liberty Buys in to World Space
The sad financial saga of bankrupt satellite radio broadcaster World Space took a new and interesting turn involving Liberty Media, a diverse group that controls satcaster Directv and also counts a substantial interest in Sirius XM satellite radio among its many holdings.
According to a recent report by Chris Forretser in RapidTV News, World Space's bankruptcy had taken yet another downward turn as attorneys in the case filed with the Delaware bankruptcy court last month for additional debtor in possession (DIP) financing in order to avoid a total liquidation of assets. Answering that call for cash is Liberty, which has reportedly stepped up with sufficient funding to stave off liquidation and effectively take control of the company, which continues to operate under Chapter 11 protection.
In a similar move last February, Liberty rode to an 11th hour rescue of Sirius XM with a $530 million cash infusion, a move that resulted in Liberty executives John Malone and Greg Maffi assuming seats on Sirius' board of directors.
The timing of Liberty's current move is interesting in that it came on the heels of a Mel Karmazin denial that Sirius had any interest in World Space.
Recent stories percolating in financial trade publications suggest that World Space's existing service to India, along with some preliminary agreements to launch subscription services in Europe inked before the company's bankruptcy, are driving Liberty's actions. India is generally viewed as one of the world's largest and fastest growing media markets.
Acceptable Use Policy blog comments powered by Disqus
[an error occurred while processing this directive]
Today in Radio History
The history of radio broadcasting extends beyond the work of a few famous inventors.
Read each issue online in our Digital Edition Format in your Web browser.
EAS Information More on EAS
The feed provides feeds for all US states and territories.
Need a calendar for your computer desktop? Use one of ours.
Information from manufacturers and associations about industry news, products, technology and business announcements.
Minneapolis Public Schools upgrades their aging equipment with new Audio over IP technology
Browse Back Issues[an error occurred while processing this directive]
Also in the August Issue
- Trends in Technology: Work Smarter not Harder
- FCC Tees Up Some Late-Summer Business
- What’s “Next” for Radio?
- Field Report: JBL LSR308
- Tech Tips: How To Be in Two Places at Once