Sections
Shortcuts
Business

Liberty Media drops bid to buy rest of Sirius

This is a summary. To read the whole story subscribe to BostonGlobe.com

ENGLEWOOD, Colo. — Liberty Media is dropping its bid to buy the rest of the satellite radio provider Sirius.

The move disclosed late Thursday comes as Liberty Media Corp., which is controlled by billionaire John Malone, takes steps to create two new tracking stock groups for its business. One will be called Liberty Media Group and the other will be Liberty Broadband Group.

Liberty Media said that because of the tracking stock distribution, it is withdrawing its offer for the rest of New York-based Sirius XM Holdings Inc. Liberty Media owns 53 percent of Sirius stock.

Full story for BostonGlobe.com subscribers.

Get the full story with unlimited access to BostonGlobe.com.

Just 99 cents for four weeks.

Sections
Shortcuts

Share