Liberty Media Announces Split-Off of Liberty SiriusXM

By Tamara Parker • Saturday, August 24 07:54 • Permanent Link

Liberty Media Corporation has announced the approval of the split-off of Liberty Sirius XM Holdings Inc. ("New Sirius") at a special meeting of its stockholders. The split-off will result in New Sirius combining with Sirius XM Holdings Inc. to create a new public company that will continue to operate under the Sirius XM name and brand.

As part of the split-off, Liberty Media will redeem each outstanding share of Liberty SiriusXM common stock in exchange for a fraction of a share of common stock of New Sirius, with cash paid in lieu of any fractional shares. The final exchange ratio and the underlying calculations are expected to be publicly announced by Liberty Media on or about September 5, 2024, prior to the completion of the split-off.

Following the split-off, Liberty Media expects that the last day of trading of Liberty SiriusXM common stock will be September 9, 2024. Liberty Media has notified NASDAQ of its intention to voluntarily delist from the NASDAQ Global Select Market and its intention to request that NASDAQ file appropriate forms with the Securities and Exchange Commission on or about September 9, 2024. Consequently, Liberty Media expects Liberty SiriusXM common stock to cease trading following the market close on September 9, 2024.

Additionally, following the split-off, a wholly owned subsidiary of New Sirius will merge with Sirius XM, and Sirius XM stockholders (other than New Sirius and its subsidiaries) will receive one-tenth (0.1) of a share of New Sirius common stock in the merger, with cash paid in lieu of any fractional shares. Liberty Media expects that the shares of New Sirius common stock will be listed on the NASDAQ Stock Market under the ticker symbol "SIRI" and will begin trading on September 10, 2024.

These developments mark a significant change in the corporate structure and trading of Liberty SiriusXM common stock, as well as the formation of a new public company under the Sirius XM brand. Today the company's shares have moved 0.5% to a price of $23.24. For the full picture, make sure to review Liberty SiriusXM's 8-K report.

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