Liberty Media and SiriusXM Announce Transaction to Simplify Ownership Structure of SiriusXM

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[{"type":"text","content":"Liberty SiriusXM Tracking Stock Group Will Combine with SiriusXM and Form a New Public Company\nTransaction Builds on SiriusXM's Durable Foundation and Positions Company to Drive Growth and Create Stockholder Value\nLiberty and SiriusXM to Host Conference Call Today at 8:30 AM ET\nENGLEWOOD, Colo. and NEW YORK, Dec. 12, 2023 /PRNewswire/ -- Liberty Media Corporation (\"Liberty Media\" or \"Liberty\") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) and Sirius XM Holdings Inc. (NASDAQ: SIRI) (\"SiriusXM\" or the \"Company\"), the leading audio entertainment company in North America, today announced that they have entered into definitive agreements whereby Liberty Media's Liberty SiriusXM tracking stock group (NASDAQ: LSXMA, LSXMB and LSXMK) (collectively \"LSXM\"), will be combined with SiriusXM to create a new public company (\"New SiriusXM\"), which will continue to operate under the SiriusXM name and brand. New SiriusXM will have a single outstanding series of common stock and is expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol \"SIRI\".\n\n \n \n \n \n \n \n\n \n\"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,\" said Greg Maffei, Liberty President & CEO. \"SiriusXM commands the largest paid share-of-ear in the car and has proven itself as an incredibly successful and profitable business. We are confident SiriusXM will continue to create value by building on its resilient business model to execute its strategic initiatives. We look forward to remaining meaningfully involved in the business and significant stockholders.\"\n\"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,\" said Jennifer Witz, Chief Executive Officer of SiriusXM. \"In a highly fragmented audio entertainment industry, SiriusXM has differentiated itself as the leading audio entertainment provider by creating an experience centered on our high-quality, premium, human curated radio that is more relevant than ever. In doing so, we hav...

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