SiriusXM and Liberty Media Consolidate To Create ‘New SiriusXM’


In an expected organizational move, Sirius XM and Liberty Media Corporation announced a transformative agreement to combine Liberty Media’s Liberty SiriusXM tracking stock group, LSXMA, LSXMB, and LSXMK, with the satellite broadcaster and streamer. The merger will form a new public company, “New SiriusXM,” operating under the SiriusXM name and brand.

New SiriusXM will be an independent public company with a simplified ownership structure, greater strategic flexibility, and no majority stockholder. It is designed to benefit from a broader investor base and improved trading liquidity.

This entity will have a single class of common stock and is expected to continue trading on the Nasdaq Global Select Market under the ticker symbol “SIRI.” The transaction, unanimously approved by Liberty’s Board, the SiriusXM Special Committee, and SiriusXM’s Board of Directors, is expected to complete in early Q3 2024. It is subject to approval by a majority of LSXM stockholders, tax opinions, regulatory approvals, and other customary closing conditions.

A subsidiary of Liberty Media owning a majority of SiriusXM shares has approved the transaction on behalf of SiriusXM stockholders. There will be no changes to the Liberty Formula One tracking stock group or the Liberty Live tracking stock group.

Liberty President and CEO Greg Maffei stated, “We have reached an important milestone in Liberty’s ownership of SiriusXM. This combination will create value for all stockholders by eliminating the tracking stock structure, enhancing liquidity, and allowing former LSXM stockholders to participate directly in the ongoing performance of SiriusXM.”

SiriusXM CEO Jennifer Witz commented, “We are pleased that the Special Committee of our Board of Directors has reached this agreement with Liberty Media, which will allow SiriusXM to enter its next phase of value creation.”

Eddy Hartenstein, a member of the SiriusXM Board’s Special Committee, affirmed, “The Special Committee of the SiriusXM Board of Directors, along with our independent advisors, has carefully and diligently evaluated Liberty Media’s proposal and negotiated this transaction. We believe that the agreement we reached with Liberty Media is in the best interests of the Company and its stockholders.”


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