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Less Sirius Is More for John Malone

As it turns out, Sirius XM Radio and Charter Communications don’t really belong together.

John Malone’s Liberty Media said Thursday night it had pulled its tender offer to buy the 47 percent of satellite-radio operator Sirius it didn’t already own. It’s also creating a new tracking stock called Liberty Broadband to house its 27 percent stake in Charter, along with a few other assets.

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This article originally appeared on Recode.net.