Split-off of Liberty SiriusXM approved at Liberty Media special meeting

Liberty Media Corporation announced 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, based on preliminary results of such special meeting, the holders of LSXMA and LSXMB approved the previously announced redemptive split-off of Liberty Sirius XM Holdings, 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 (SIRI) 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, 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. In connection with the Split-Off, Liberty Media expects that the last day of trading of Liberty SiriusXM common stock will be September 9, 2024. Liberty Media has notified Nasdaq of its intention to voluntarily delist from the Nasdaq Global Select Market and its intention to request that Nasdaq file appropriate forms with the Securities and Exchange Commission on or about September 9, 2024. As a result, Liberty Media expects Liberty SiriusXM common stock will cease to trade following market close on September 9, 2024. Additionally, following the Split-Off, a wholly owned subsidiary of New Sirius will merge with Sirius XM, and Sirius XM stockholders, other than New Sirius and its subsidiaries, will receive one-tenth of a share of New Sirius common stock, at 6:00 p.m., New York City time, on September 9, 2024, with cash paid in lieu of any fractional shares. Following the Merger, Liberty Media expects that the shares of New Sirius common stock will be listed on the Nasdaq Stock Market under the ticker symbol ‘SIRI’. Liberty Media expects that New Sirius common stock will begin trading on the Nasdaq Stock Market on September 10,” the company stated.