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Liberty Media says SiriusXM offer is 'no longer applicable'

Liberty Media Corp.'s board dropped its offer to buy SiriusXM on Thursday as it moved to shake up its own organization.

Calling its offer to buy out minority SiriusXM shareholders "no longer applicable," the company said, "Depending on market conditions, we look forward to further discussions with the Sirius XM Special Committee."

Liberty Media owns 53 percent of SiriusXM.