Liberty Media has just rescued Sirius XM from bankruptcy, with a $530 million parachute that it will use to pay off debt and keep operations going. Liberty is writing a $280 million check asap, $171 million of which will go straight to debts.

They will also get $250 million more in funding to help with a potential takeover of Sirius by DISH Network. In return, Liberty Media will own 12.5 million shares of preferred stock in Sirius XM. With so much money flying around, it’s amazing that we can be in a recession.

Looks like founder John Malone and Liberty Media CEO Greg Maffei may join Sirius XM’s board of directors too.

[PRNewswire]