Sirius XM confirms receipt of proposal from Liberty Media

Sirius XM (SIRI) acknowledged that the special committee of independent directors of the board of SiriusXM received a non-binding proposal from Liberty Media (LSXMA) regarding a potential transaction involving the company. The potential transaction would consist of the separation of the assets and liabilities attributed to the Liberty SiriusXM tracking stock group from Liberty Media through the split-off of a newly formed company and the subsequent combination of Newco and SiriusXM, as a result of which the holders of Liberty SiriusXM tracking stock and SiriusXM common stock would all hold one class of common stock of the combined company. The Special Committee, together with its advisors, Solomon Partners Securities, LLC and Debevoise & Plimpton LLP, is evaluating the Proposal.