Sirius-XM saved by Liberty Media

It looks like Sirius-XM received a bailout plan of its own: and it’s not from the government….

Liberty Media (headed by John Malone) has come to the rescue of the beleaguered satellite radio operator, with a $530 million dollar investment. The money will come in two phases – both in the form of loans. One of the phases is being used to pay debt owed to investor Echostar at $171.6 million, due today.

Echostar owns Dish Network; Liberty owns arch-rival Direct TV.

As a result of today’s deal, Liberty gains several seats on Sirius-XM’s board.