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ENGLEWOOD, Colo. — Liberty Media is dropping its bid to buy the rest of the satellite radio provider Sirius.
The move disclosed late Thursday comes as Liberty Media Corp., which is controlled by billionaire John Malone, takes steps to create two new tracking stock groups for its business. One will be called Liberty Media Group and the other will be Liberty Broadband Group.
Liberty Media said that because of the tracking stock distribution, it is withdrawing its offer for the rest of New York-based Sirius XM Holdings Inc. Liberty Media owns 53 percent of Sirius stock.