Liberty Media Corporation and SiriusXM have announced their final arrangements for the companies’ strategic restructuring. This includes the redemptive split-off of Liberty Sirius XM Holdings Inc. into “New Sirius,” offering one stock for the group.
This strategic reorganization – first announced in December 2023 – aims to consolidate business operations and streamline the company structure under the SiriusXM portfolio.
Set for 4:05p ET on September 9, this after-market-hours restructuring will involve the redemption of each outstanding share of Series A, B, and C Liberty SiriusXM common stock in exchange for 0.8375 of a share of New Sirius common stock, compensating with cash for any fractional shares.
This transition, per a filing with the SEC, will be immediately followed by a merger at 6p ET, where a wholly-owned subsidiary of New Sirius will merge with SiriusXM. As a result, Sirius XM stockholders, excluding New Sirius and its subsidiaries, will receive 0.1 of a share of New Sirius common stock, with cash compensation for any fractional shares.
The completion of both the split-off and merger will result in the launch of a new public entity continuing under the Sirius XM name and branding. Shares of New Sirius common stock will start trading on the Nasdaq Stock Market under the ticker symbol “SIRI” from September 10.
Post-merger, New Sirius is expected to have about 339.1 million shares of common stock issued, with former Liberty SiriusXM common stockholders owning approximately 81% and former Sirius XM minority stockholders owning the remaining 19%.
