Reuters: Global Markets: Sirius to buy back $2 billion shares, announces special dividend

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Sirius to buy back $2 billion shares, announces special dividend Dec 6th 2012, 13:43 Thu Dec 6, 2012 8:43am EST (Reuters) - Satellite radio company Sirius XM Radio Inc (SIRI.O) said its board approved a $2 billion common stock repurchase program. Liberty Media Corp (LMCA.O), which owns about 49.8 percent of Sirius' stock, said it will participate in the company's share repurchases on a pro rata basis so that its relative ownership interest will not be affected by the program. Sirius also declared a special cash dividend of 5 cents per share of common stock, payable on December 28 to shareholders as of December 18's close. The company expects to pay a total of about $325 million in cash dividends. Sirius' shares were up about 3 percent at $2.86 in pre-market trading on Thursday. They closed at $2.77 on Wednesday on the Nasdaq.

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