Howard Stern may still have his job and for many fans this could be good news.

According to reports, Sirius XM Radio and Liberty Media say they have signed a deal in which Liberty will invest $530 million in the financially struggling satellite radio company.

Sirius XM Radio Inc. and Liberty Media Corp. said Tuesday the investment’s first phase includes a $280 million senior secured loan $250 million of which will be funded Tuesday. Liberty will get 12.5 million shares of preferred stock convertible into 40 percent of Sirius’s common shares, and two seats on the company’s board.

New York-based Sirius had said Friday it could file for bankruptcy as early as Tuesday if it cannot negotiate with its debt holders.

Shares for SIRI are trading at .10 currently on NasdaqGS.

Source: AP