Liberty Media Corporation - Series A Liberty Formula One · NASDAQ:FWONA
Liberty Media Corporation - Series A Liberty Formula One — Liberty Media Corp (FWONA, FWONB, FWONK, LLYVA, LLYVB, LLYVK, LSXMA, LSXMB, LSXMK) — Merger or Acquisition (December 2023)
16 slides from Liberty Media Corporation - Series A Liberty Formula One's merger presentation, Dec 12, 2023
Slide 1: Investor Presentation December 2023
Investor Presentation December 2023
Slide 2: Cautionary Note Regarding Forward Looking Statements
2 Cautionary Note Regarding Forward Looking Statements This communication includes certain forward - looking statements within the meaning of the Private Securities Litigation Reform Ac t of 1995, including certain statements relating to the completion of the proposed transaction, proposed trading o
Slide 3: Legal Disclaimer Additional Information
3 Legal Disclaimer Additional Information Nothing in this communication shall constitute a solicitation to buy or an offer to sell shares of common stock of Liberty Me dia , SiriusXM or SplitCo. The proposed offer and issuance of shares of SplitCo common stock in the proposed transactions will be ma
Slide 4: Today's Speakers
4 4 Today’s Speakers Jennifer Witz CEO of SiriusXM Greg Maffei President & CEO of Liberty Media, Chairman of SiriusXM
Slide 5: Significant Value Creation for All Investors
5 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Significant Value Creation for All Investors ($) February 13, 2009 – December 11, 2023 February 2009: Initial Liberty Investme
Slide 6: Compelling Transaction Benefits
6 Compelling Transaction Benefits □ Simplifies equity structure □ Enhances trading liquidity and float – Broadens potential investor base – Eliminates multi - class structure □ Greater strategic flexibility with majority independent Board □ Expands potential index inclusion □ Addresses discount to n
Slide 7: Transaction Overview
7 Transaction Overview □ Liberty separates Liberty SiriusXM Group (“LSXM”) through redemptive split - off to form SplitCo holding all LSXM assets and liabilities □ Immediately following split - off, SplitCo acquires SiriusXM in all stock transaction to form New SiriusXM with one class of common stoc
Slide 8: Streamlined Ownership Structure
8 Streamlined Ownership Structure Post Merger Structure Current Structure LSXMA Shares LSXMB Shares LSXMK Shares SiriusXM Public Shareholders SiriusXM Current Shares: 3,839MM (1) 16% 84% Former Liberty SiriusXM Shareholders Former SiriusXM Public Shareholders “New SiriusXM” Pro Forma Shares: 3,392MM
Slide 9: SiriusXM: Shaping the Future of Audio
9 SiriusXM: Shaping the Future of Audio Transforming SiriusXM for Long - Term Growth Innovative content company and leader in live, human curated audio experiences Leading subscription business positioned for the future Tapping into new audiences to grow with next gen platform Capturing opportunitie
Slide 10: Strong Free Cash Flow to Support Rapid Deleveraging
10 3.3x 3.2x 3.9x Low to Mid 3s 9/30/23 (Status Quo) 12/31/23E (Status Quo) 6/30/24E (Pro Forma) Target Leverage $1.66 $1.83 $1.55 $1.15 2020A 2021A 2022A 2023E Free Cash Flow (1) $Bn Strong Free Cash Flow to Support Rapid Deleveraging Leverage Net Debt / LTM EBITDA No expected change to existing di
Slide 11: Summary Long-Term Value Creation
11 Summary Long - Term Value Creation □ Highly beneficial transaction for all shareholders □ Meaningful opportunity ahead at SiriusXM with differentiated content and next gen tech platform □ Delivering financial results and investing for the future □ Strong free cash flow generation to maintain exis
Slide 12: Appendix
Appendix
Slide 13: Transaction Detail
13 Transaction Detail Structure • Liberty separates Liberty SiriusXM Group (“LSXM”) through redemptive split - off to form SplitCo holding all LSXM assets and liabi lities • Immediately following split - off, SplitCo acquires SiriusXM in all stock transaction to form New SiriusXM with one class of c
Slide 14: Transaction Structure
14 Transaction Structure • Liberty separates Liberty SiriusXM Group through redemptive split - off to form “SplitCo” holding all LSXM assets and liabilities Exchange Ratio = Adjusted LSXM - Owned SIRI Shares Adjusted Fully - Diluted LSXM Shares = = 3,205.8MM shares – LSXM Net Liabilities (1) / SIRI
Slide 15: Illustrative Transaction Exchange Ratio
15 Illustrative Transaction Exchange Ratio (in millions except SIRI Reference Price) Q2‘24E Net Liabilities (1) $1,118 ( ÷ ) SIRI Reference Price $4.23 LSXM Net Liabilities Share Adjustment (Effective SIRI Share Reduction) 264.2 Fully Diluted LSXM Shares (2) 326.8 (+) Shares to settle LSXMA Converti
Slide 16: Thank You
IS THANK YOU re