John Malone’s play on the new hit show, Survivor: Sirius XM: he’s offering a big bridge loan that will help Mel Karmazin pay off EchoStar CEO Charlie Ergen’s debt, which matures on Tuesday.
Malone’s Liberty Media has become crucial to Sirius (SIRI) boss Karmazin as he tries to fight off Ergen’s move to take over the descending satellite radio company.
Accoring to Peter Lauria in today’s New York Post:
“That would give Liberty three months to come up with a plan to restructure Sirius XM’s roughly $600 million in debt that comes due in May and December. One scenario could involve Liberty borrowing from Ergen’s playbook by buying up Sirius XM debt on the open market. Another involves Liberty making a pitch directly to Sirius XM’s bondholders.”
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