UBS Names Former Media Analyst To Head Global Media Investment Banking Operations Aryeh Bourkoff had advised Charter, Liberty Media and Time Warner Cable By Claire Atkinson. -- Broadcasting & Cable, 3/12/2009 9:34:48 AM MT Swiss bank UBS, named former media analyst, Aryeh Bourkoff, joint global head of media and communications investment banking today. He shares the role with London-based Mark Lewisohn. 
Share:  <span class="sent">UBS Names Former Media Analyst To Head Global Media Investment Banking Operations <span class="analyst">Aryeh Bourkoff</span> had advised Charter, <span class="company">Liberty Media</span> and Time Warner Cable By Claire Atkinson. </span> -- Broadcasting & Cable, 3/12/2009 9:34:48 AM MT Swiss bank UBS, named former media analyst, <span class="analyst">Aryeh Bourkoff</span>, joint global head of media and communications investment banking today. He shares the role with London-based Mark Lewisohn. ...<span class="sent">UBS Names Former Media Analyst To Head Global Media Investment Banking Operations <span class="analyst">Aryeh Bourkoff</span> had advised Charter, <span class="company">Liberty Media</span> and Time Warner Cable By Claire Atkinson. </span> -- Broadcasting & Cable, 3/12/2009 9:34:48 AM MT Swiss bank UBS, named former media analyst, <span class="analyst">Aryeh Bourkoff</span>, joint global head of media and communications investment banking today. He shares the role with London-based Mark Lewisohn. Tweet this 

Instead, it portrays the deal as essentially a passive investment that offers a good return. It certainly appears so: Liberty will earn an enticing 15% on most of the money it is lending. If Sirius XM can roll over the rest of its debts and gain enough subscribers to start generating cash, Liberty should get its money back with handsome interest plus, as a bonus, a big stake in a going concern. If things go wrong and Sirius XM collapses, Mr Malone will end up fighting to get his money back alongside other creditors, including Mr Ergen, who has been buying Sirius XM's debt. There are reasons to worry about Sirius XM's business model, says Tom Eagan of Collins Stewart, a stockbroker.  
Share:  Instead, it portrays the deal as essentially a passive investment that offers a good return. It certainly appears so: <span class="company">Liberty</span> will earn an enticing 15% on most of the money it is lending. If Sirius XM can roll over the rest of its debts and gain enough subscribers to start generating cash, <span class="company">Liberty</span> should get its money back with handsome interest plus, as a bonus, a big stake in a going concern. <span class="sent"> If things go wrong and Sirius XM collapses, Mr Malone will end up fighting to get his money back alongside other creditors, including Mr Ergen, who has been buying Sirius XM's debt. There are reasons to worry about Sirius XM's business model, says <span class="analyst">Tom Eagan</span> of Collins Stewart, a stockbroker. </span>...Instead, it portrays the deal as essentially a passive investment that offers a good return. It certainly appears so: <span class="company">Liberty</span> will earn an enticing 15% on most of the money it is lending. If Sirius XM can roll over the rest of its debts and gain enough subscribers to start generating cash, <span class="company">Liberty</span> should get its money back with handsome interest plus, as a bonus, a big stake in a going concern. <span class="sent"> If things go wrong and Sirius XM collapses, Mr Malone will end up fighting to get his money back alongside other creditors, including Mr Ergen, who has been buying Sirius XM's debt. There are reasons to worry about Sirius XM's business model, says <span class="anal Tweet this 

Highly respected media analyst Jessica Reif Cohen of Merrill Lynch (now with Bank of America) issued a report yesterday on the investment made by Liberty Media into Sirius XM Radio.  
Share:  <span class="sent">Highly respected media analyst <span class="analyst">Jessica Reif Cohen</span> of Merrill Lynch (now with Bank of America) issued a report yesterday on the investment made by <span class="company">Liberty Media</span> into Sirius XM Radio. </span>...<span class="sent">Highly respected media analyst <span class="analyst">Jessica Reif Cohen</span> of Merrill Lynch (now with Bank of America) issued a report yesterday on the investment made by <span class="company">Liberty Media</span> into Sirius XM Radio. </span> Tweet this 

Liberty's plans for Sirius are unclear. " We think that John Malone and Charlie Ergen's strategies are different ," Thomas Eagan, an analyst at Collins Stewart told Reuters. "We think that Charlie Ergen's strategy may have been more about creating a broader strategic play in wireless services as he has attempted mobile video before. For John Malone it's more of a financial investment. 
Share:  <span class="company">Liberty</span>'s plans for Sirius are unclear. <span class="sent"> " We think that John Malone and Charlie Ergen's strategies are different ," <span class="analyst">Thomas Eagan</span>, an analyst at Collins Stewart told Reuters. </span> "We think that Charlie Ergen's strategy may have been more about creating a broader strategic play in wireless services as he has attempted mobile video before. For John Malone it's more of a financial investment. ...<span class="company">Liberty</span>'s plans for Sirius are unclear. <span class="sent"> " We think that John Malone and Charlie Ergen's strategies are different ," <span class="analyst">Thomas Eagan</span>, an analyst at Collins Stewart told Reuters. </span> "We think that Charlie Ergen's strategy may have been more about creating a broader strategic play in wireless services as he has attempted mobile video before. For John Malone it's more of a financial investment. Tweet this 

Vijay Jayant, a New York-based analyst with Barclays Capital, said in a note to investors "we believe that Liberty views this transaction primarily as an attractive financial investment" and that it doesn't plan to be closely involved in Sirius XM's operation nor to attempt a combination with DirecTV. Sirius XM was created about a year ago by the merger of the nation's only two satellite-radio companies. 
Share:  <span class="sent"><span class="analyst">Vijay Jayant</span>, a New York-based analyst with Barclays Capital, said in a note to investors "we believe that <span class="company">Liberty</span> views this transaction primarily as an attractive financial investment" and that it doesn't plan to be closely involved in Sirius XM's operation nor to attempt a combination with DirecTV. </span> Sirius XM was created about a year ago by the merger of the nation's only two satellite-radio companies. Tweet this 

Argus Research analyst Joseph Bonner said the terms give Liberty a foothold toward a possible takeover of Sirius, which has two more major debt payments this year and is struggling to gain subscribers in the recession. "Undoubtedly, Sirius will continue to struggle," he said. 
Share:  <span class="sent">Argus Research analyst <span class="analyst">Joseph Bonner</span> said the terms give <span class="company">Liberty</span> a foothold toward a possible takeover of Sirius, which has two more major debt payments this year and is struggling to gain subscribers in the recession. </span> "Undoubtedly, Sirius will continue to struggle," he said. Tweet this 

Separately, S&P said Liberty Media's 'BB+' rating, which is one notch below investment-grade, remains on watch negative in the wake of its deal with Sirius XM. "Liberty Media's investment in Sirius XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst Andy Liu in a statement. "We still expect to lower our rating on Liberty Media to 'BB-' with a negative outlook. 
Share:  <span class="sent">Separately, S&P said <span class="company">Liberty Media</span>'s 'BB+' rating, which is one notch below investment-grade, remains on watch negative in the wake of its deal with Sirius XM. "<span class="company">Liberty Media</span>'s investment in Sirius XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst <span class="analyst">Andy Liu</span> in a statement. </span> "We still expect to lower our rating on <span class="company">Liberty Media</span> to 'BB-' with a negative outlook. ...<span class="sent">Separately, S&P said <span class="company">Liberty Media</span>'s 'BB+' rating, which is one notch below investment-grade, remains on watch negative in the wake of its deal with Sirius XM. "<span class="company">Liberty Media</span>'s investment in Sirius XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst <span class="analyst">Andy Liu</span> in a statement. </span> "We still expect to lower our rating on <span class="company">Liberty Media</span> to 'BB-' with a negative outlook. Tweet this 

Separately, S&P said Liberty Media's 'BB+' rating, which is one notch below investment-grade, remains on watch negative in the wake of its deal with Sirius XM. "Liberty Media's investment in Sirius XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst Andy Liu in a statement. "We still expect to lower our rating on Liberty Media to 'BB-' with a negative outlook. 
Share:  <span class="sent">Separately, S&P said <span class="company">Liberty Media</span>'s 'BB+' rating, which is one notch below investment-grade, remains on watch negative in the wake of its deal with Sirius XM. "<span class="company">Liberty Media</span>'s investment in Sirius XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst <span class="analyst">Andy Liu</span> in a statement. </span> "We still expect to lower our rating on <span class="company">Liberty Media</span> to 'BB-' with a negative outlook. ...<span class="sent">Separately, S&P said <span class="company">Liberty Media</span>'s 'BB+' rating, which is one notch below investment-grade, remains on watch negative in the wake of its deal with Sirius XM. "<span class="company">Liberty Media</span>'s investment in Sirius XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst <span class="analyst">Andy Liu</span> in a statement. </span> "We still expect to lower our rating on <span class="company">Liberty Media</span> to 'BB-' with a negative outlook. ...<span class="sent">Separately, S&P said <span class="company">Liberty Media</span>'s 'BB+' rating, which is one notch below investment-grade, remains on watch negative in the wake of its deal with Sirius XM. "<span class="company">Liberty Media</span>'s investment in Sirius XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's Tweet this 

Upon completion of the second phase of the Liberty investment, SIRIUS XM will issue Liberty an aggregate of 12.5 million shares of preferred stock convertible into 40% of the common stock of SIRIUS XM. Liberty's obligation to consummate the second phase of its investment is subject to various closing conditions. "Liberty Media's investment in SIRIUS XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst Andy Liu.  
Share:  Upon completion of the second phase of the Liberty investment, SIRIUS XM will issue Liberty an aggregate of 12.5 million shares of preferred stock convertible into 40% of the common stock of SIRIUS XM. Liberty's obligation to consummate the second phase of its investment is subject to various closing conditions. <span class="sent"> "<span class="company">Liberty Media</span>'s investment in SIRIUS XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst <span class="analyst">Andy Liu</span>. </span>...<span class="sent">"<span class="company">Liberty Media</span>'s investment in SIRIUS XM currently does not affect our prospective rating outcome following the split-off of LMEI," said Standard & Poor's credit analyst <span class="analyst">Andy Liu</span>. </span> "We still expect to lower our rating on <span class="company">Liberty Media</span> to 'BB-' with a negative outlook. Tweet this