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EchoStar Corp. has bought up "a substantial portion" of Sirius XM Satellite Radio’s soon-to-mature debt, in what could turn into an attempt to take over the company, the Wall Street Journal reported Thursday.
The satellite TV provider which owns Dish Network and is controlled by Charles Ergen has acquired a $300 million tranche of the radio company’s debt.
The satellite radio company, formed last year with the merger of Sirius and XM, has fallen on hard times due to a variety of factors, including the downturn of the overall economy and of the auto industry in particular, as well as huge amounts of money owed for such properties as Howard Stern, the National Football League and Major League Baseball.
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