The Liberty stake in Sirius XM has been increasing without Liberty spending a dime on the heels of a massive share buyback program set in motion by Sirius XM. Liberty Media spun off its Sirius XM stake into three tracking stocks that trade under Liberty Sirius XM (LSXMA, LSXMB, and LSXMC). The issue of exactly what Liberty intends to do with its stake in Sirius XM has been garnering more attention of late. Sirius XM's current share buyback program has about two more quarters worth of money committed to it, if the company were to buy at its normal $500 million per quarter pace. One concept that people consider a real possibility is the idea of Liberty making a move on Sirius XM. Under one theoretical path, Liberty could acquire Pandora and merge that entity into Sirius XM in a tax friendly transaction that would be an all-stock deal. Pandora has been losing money for years, but does have a massive subscriber pool for