{"id":600853,"date":"2023-12-12T15:14:34","date_gmt":"2023-12-12T12:14:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/siriusxm-to-combine-with-liberty-media-tracking-stock-group\/"},"modified":"2023-12-12T15:14:34","modified_gmt":"2023-12-12T12:14:34","slug":"siriusxm-to-combine-with-liberty-media-tracking-stock-group","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/siriusxm-to-combine-with-liberty-media-tracking-stock-group\/","title":{"rendered":"#SiriusXM to Combine With Liberty Media Tracking Stock Group"},"content":{"rendered":"
\n

\n Liberty Media<\/a>\u2018s Liberty SiriusXM tracking stock group will combine with satellite radio and audio entertainment giant SiriusXM to create a new public company, dubbed \u201cNew SiriusXM\u201d, which will continue to operate under the SiriusXM brand, the companies said on Tuesday.<\/p>\n

\n Liberty, led by president and CEO Greg Maffei and chairman John Malone, owned an 83 percent stake in SiriusXM as of July 31.\u00a0Liberty, led by president and CEO Greg Maffei and chairman John Malone, says on its website that it owned an 83 percent stake in Sirius XM as of July 31.\u00a0<\/p>\n

\n New SiriusXM shares are expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol \u201cSIRI.\u201d The deal simplifies the ownership structure of SiriusXM and follows a September proposal submitted by Liberty.<\/p>\n

\n \u201cWe have reached an important milestone in Liberty\u2019s 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,\u201d said Maffei. \u201cSiriusXM 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.\u201d<\/p>\n

\n SiriusXM CEO Jennifer Witz said the deal \u201cwill allow SiriusXM to enter its next phase of value creation.\u201d She added: \u201cIn 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 have built a profitable business that is poised for continued success. With our strong foundation and as we roll out our next-generation platform, we are transforming SiriusXM to drive long-term growth and stockholder value creation.\u201d<\/p>\n

\n The transaction has been unanimously app<\/a>roved by Liberty\u2019s board, the SiriusXM board\u2019s special committee and SiriusXM\u2019s board of directors. Maffei is expected to be chairman of the board of New SiriusXM, with the transaction expected to be completed early in the third quarter of 2024, \u201csubject to approval by a majority of the aggregate voting power of the shares of Liberty SiriusXM common stock present, whether in-person or by proxy, at a stockholder meeting, the receipt by Liberty Media and New SiriusXM of tax opinions from their respective tax counsel, as well as the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.\u201d <\/p>\n

\n Trusts affiliated with Malone have entered into a voting agreement via which they commit to voting their LSXM shares in favor of the transaction. <\/p>\n

\n SiriusXM and Liberty noted several benefits of the transaction. It will result in New SiriusXM being an independent public company, \u201cwith no majority stockholder, a single class of shares and a board comprising a majority of independent directors,\u201d the said.<\/p>\n

\n It will also have a simplified ownership structure and \u201cbenefit from greater strategic flexibility and independence,\u201d while ensuring \u201caccess to a broader investor base and expanded opportunities for [stock] index inclusion.\u201d And the companies said: \u201cThe additional [stock] float provided by the transaction is also expected to improve trading liquidity for New SiriusXM stockholders.\u201d<\/p>\n

\n Overall, the deal \u201coffers all stockholders the opportunity to participate directly in the long-term potential of the leading audio-entertainment company in North America,\u201d the firms said.<\/p>\n<\/p><\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more Like this articles, you can visit our Social Media category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Liberty Media\u2018s Liberty SiriusXM tracking stock group will combine with satellite radio and audio entertainment giant SiriusXM to create a new public company, dubbed \u201cNew SiriusXM\u201d, which will continue to operate under the SiriusXM brand, the companies said on Tuesday. Liberty, led by president and CEO Greg Maffei and chairman John Malone, owned an 83…<\/p>\n","protected":false},"author":1,"featured_media":600854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.hollywoodreporter.com\/wp-content\/uploads\/2023\/09\/JenniferWitz_Horizontal_Headshot-H-2023-1.jpg?w=1024","fifu_image_alt":"","footnotes":""},"categories":[17],"tags":[135723,138490],"class_list":["post-600853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-mediaa","tag-liberty-media","tag-siriusxm"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/600853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=600853"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/600853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/600854"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=600853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=600853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=600853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}