Good news for SiriusXM and Liberty Media investors: on August 23, 2024, Liberty Media’s shareholders officially approved the spin-off of Liberty SiriusXM Holdings. The move involves creating a new company, “New Sirius,” which will merge with Sirius XM Holdings to maintain the SiriusXM brand. The process is set to finalize on September 9, 2024, with Liberty SiriusXM common stock being delisted from the Nasdaq. Starting September 10, the new SiriusXM shares will trade under the ticker symbol “SIRI” on Nasdaq.
Shareholders of Liberty SiriusXM will receive shares in the new company, and SiriusXM shareholders will receive 0.1 shares of New Sirius common stock for every SiriusXM share they own. This split-off and merger aim to streamline operations and enhance shareholder value
ENGLEWOOD, Colo.–(BUSINESS WIRE)–Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) announced today that, at Liberty Media’s virtual special meeting of its holders of Series A Liberty SiriusXM common stock (“LSXMA”) and Series B Liberty SiriusXM common stock (“LSXMB”) held on August 23, 2024 at 10:15 a.m. M.T., based on preliminary results of such special meeting, the holders of LSXMA and LSXMB approved the previously announced redemptive split-off (the “Split-Off”) of Liberty Sirius XM Holdings Inc. (“New Sirius”), which will be the owner of all of the businesses, assets and liabilities previously attributed to the Liberty SiriusXM Group. Following the Split-Off, New Sirius will combine with Sirius XM Holdings Inc. (“Sirius XM”) to create a new public company which will continue to operate under the Sirius XM name and brand.
Assuming the requisite conditions to the Split-Off are satisfied or waived, as applicable, at 4:05 p.m., New York City time, on September 9, 2024, 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 equal to the exchange ratio (as further described in New Sirius’ final prospectus, which was filed with the SEC on July 23, 2024), with cash paid in lieu of any fractional shares. Liberty Media intends to publicly announce the final exchange ratio on or about September 5, 2024 prior to the completion of the Split-Off once the exchange ratio and the underlying calculations are determined by the parties.
