Sirius XM agrees to Liberty Media deal

February 17, 2009 The satellite radio company avoided a bankruptcy filing ahead of a debt-repayment deadline Tuesday thanks to the Liberty deal, but neither side was willing to discuss methods of increased cooperation. With Tuesday's agreement, Malone, for now, has beaten out Charles Ergen's EchoStar, which has amassed Sirius XM debt and proposed financing the company in return for a controlling stake. Liberty has pledged an additional $280 million -- not enough to satisfy the $750 million Sirius XM owes this year, though much of that debt likely will be pushed out through waivers, ensuring that the radio home of Howard Stern, Oprah Winfrey and commercial-free music is out of the woods for at least this year.

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