Mandi Bierly
February 17, 2009 AT 07:40 PM EST

Sirius XM Radio won’t have to file bankruptcy or relinquish control to EchoStar and Dish Network honcho Charles Ergen after all. Today, Sirius XM Radio CEO Mel Karmazin announced he’s reached a deal with Liberty Media Corporation, the largest shareholder in DirecTV. Liberty will invest $530 million into Sirius XM Radio in two phases.

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