Liberty Media plans move to take over Sirius XM board - Denver Business Journal Liberty Media Corp. plans to use its ownership stake in Sirius XM to take over the board of the satellite radio company, which Liberty rescued from bankruptcy in 2009. On Thursday, Liberty Media, led by media mogul John Malone, said in a filing that it intends to call a special shareholder meeting and try to seat its candidates in a majority of board seats Sirius XM Radio Inc. Douglas County-based Liberty Media has been pressuring Sirius CEO Mel Karmazin to conduct a Sirius share buy-back that leave Liberty owning a majority of Sirius common stock. Liberty Media wants the ability to spin off its Sirius XM stake into a free-standing company in a tax-free transaction known as a Reverse Morris Trust. Such a spinoff would require approval of Sirius XMâ€™s board. Karmazin told Sirius shareholders earlier this month that he wants Liberty to pay a premium for seizing control of Sirius, according to Reuters news service.