Sirius XM Holdings Inc (SIRI)

[Mustache_rider]

My understanding is the same as GV... of the total dollar amount authorized for buybacks, 520M shares had been purchased as of Q4 2013.

8K
“During the fourth quarter, we completed the first $160 million of the $500 million of share repurchases from Liberty Media, bringing our total 2013 share repurchases to 520 million shares for $1.76 billion, leaving over $2.2 billion remaining under our current authorization,” said David Frear, Chief Financial Officer, SiriusXM.

Q4 earnings release

8K
"The Shares will be purchased in three installments, of which $130 million will be repurchased in November 2013, $270 million will be repurchased in January 2014 and $100 million will be repurchased in April 2014."

My understanding is that of the total amount authorized for buybacks, $500M is set aside for Liberty but the remaining amount can be used to purchase shares on the open market.

I could not find anything that said Sirius cannot purchase shares in the open market. Cheaper to buy at current rates than the floor set in the Liberty agreement of $3.64.