Thanks to a whopping $530 million investment by Liberty Media, Sirius XM will not have to file for bankruptcy this month. Billboard.biz reports that Liberty Media will be loaning the satellite radio company $250 million today to avoid bankruptcy and will be given stock that amounts to 40% of the common stock of Sirius XM. Liberty’s other corporate interests include QVC, DirecTV, IAC, and Bodybuilding.com.
Many jobs were saved in this arrangement, including those of Sirius XM’s expensive on-air talent Howard Stern, Martha Stewart and Bob Dylan. This must be great news for Dylan especially, who can now use his Theme Time Radio Hour to promote his forthcoming album we told you about.