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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sirius XM Holdings Inc | NASDAQ:SIRI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0899 | 2.95% | 3.1399 | 3.01 | 3.40 | 3.14 | 3.07 | 3.08 | 15,355,549 | 05:00:10 |
By Josh Beckerman
Liberty Media Corp. Chief Executive Greg Maffei reached an agreement to remain at the helm of the media company through 2019, just days before his prior contract was set to expire.
Liberty has pursued an aggressive expansion strategy since Mr. Maffei took the helm at the start of 2006. He said in a January interview with The Wall Street Journal that "we need to look at the marketplace, trying to look for durable assets, take advantage of cheap financing and think about trying to build different kinds of value."
But Mr. Maffei played a big role in Liberty's involvement with part-owned cable affiliate Charter Communications Inc. in its failed bid to buy Time Warner Cable Inc., which was thwarted by Comcast Corp. And his contract extension hadn't been considered a guarantee.
Liberty Media bought a big stake in Charter last year and spun off that interest into Liberty Broadband, a new publicly traded company. Charter has agreed to buy subscribers from Comcast after its pending deal with Time Warner Cable closes. Liberty Broadband holds a minority stake in TWC.
"We are extremely pleased that Greg will continue in his leadership role for another five years," Chairman John Malone said in a statement. Mr. Maffei will continue as president and CEO of Liberty Interactive as well.
His previous contract is set to end Wednesday.
A new compensation agreement calls for Mr. Maffei to receive an annual base salary of $960,750, increasing annually by 5%, and an annual target cash bonus equal to 250% of the applicable year's base salary. For 2013, Mr. Maffei received a salary of $868,219 and total compensation of $3.57 million, made up mostly of incentive plan compensation.
He was previously Microsoft Corp.'s finance chief and also did a brief stint at Oracle Corp.
Liberty Media's holdings include a majority stake in SiriusXM Holdings Inc. and full ownership of the entity that owns the Atlanta Braves. Its minority investments include Live Nation Entertainment Inc.
Liberty Interactive has many home-shopping and e-commerce holdings including QVC Inc., CommerceHub and Evite.
In November, Liberty Media said third-quarter revenue and operating earnings improved, reflecting strong SiriusXM results.
Write to Josh Beckerman at josh.beckerman@wsj.com
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