Liberty Media and Sirius XM complete merger and split-off

Liberty Media Corporation and Sirius XM Holdings Inc. announced the completion of a significant corporate restructuring on September 9, 2024. At 4:05 p.m. New York City time, Liberty Media executed a split-off of Liberty Sirius XM Holdings Inc., which was subsequently renamed New Sirius. This event marked the transition of New Sirius into an independent public company, distinct from Liberty Media. Following the split-off, at 6:00 p.m., a wholly owned subsidiary of New Sirius merged with Sirius XM Inc., previously known as Old Sirius, with Old Sirius continuing as a subsidiary of New Sirius. As a result of these transactions, Sirius XM Holdings Inc. emerged with 339,133,937 shares of common stock outstanding. The ownership structure revealed that approximately 81% of the shares were held by former Liberty SiriusXM stockholders, while the remaining 19% belonged to minority stockholders of Old Sirius. This restructuring was part of Liberty Media's strategy to streamline its operations and enhance shareholder value. The newly independent Sirius XM Holdings Inc. is set to trade on the Nasdaq Global Select Market under the symbol "SIRI" starting September 10, 2024. Liberty Media's other stock classes, including Liberty Formula One and Liberty Live, will continue to be traded on the market. This strategic move is expected to provide both companies with greater operational flexibility and focus on their respective business areas. Overall, the completion of the split-off and merger signifies a pivotal moment for both Liberty Media and Sirius XM, allowing them to pursue their distinct business objectives while potentially increasing shareholder returns in the long run.