Liberty Media's Merger Proposal: Combining Forces with SiriusXM
Liberty Media has proposed a merger with Sirius XM Holdings to form a new consolidated public company. Under the proposal, Liberty would separate its Liberty SiriusXM tracking stock group and combine it with Sirius XM. Liberty currently owns an 83% stake in Sirius XM. The minority shareholders of Sirius XM would collectively own approximately 16% of the new company, while the holders of Liberty SiriusXM Group tracking stock would own approximately 84%. The proposed transaction is structured to be tax-free and is subject to negotiation and execution of definitive transaction documents and board approvals.