Liberty Media’s shareholders have approved the previously announced redemptive split-off of Liberty SiriusXM Holdings (New Sirius) at a virtual special meeting held on August 23. This decision will lead to the creation of a new public company that will continue operating under the SiriusXM name and brand.

The split-off will transfer all businesses, assets, and liabilities currently attributed to the Liberty SiriusXM Group to New Sirius. Following this transfer, New Sirius will merge with Sirius XM Holdings Inc. (SiriusXM) to form a new entity that will retain the SiriusXM brand.

If all conditions for the split-off are met, Liberty Media plans to redeem each share of Liberty SiriusXM common stock in exchange for a fraction of a share in New Sirius. The final exchange ratio is expected to be announced around September 5 with the split-off scheduled to occur at 4:05pm ET on September 9, 2024. Liberty SiriusXM common stock is expected to cease trading following the market close on that date, with Liberty Media voluntarily delisting from the Nasdaq Global Select Market.

As part of the subsequent merger, SiriusXM shareholders (excluding New Sirius and its subsidiaries) will receive 0.1 shares of New Sirius common stock for each SiriusXM share they hold, with any fractional shares paid out in cash. The merger is scheduled for completion at 6pm ET on September 9.

Following the merger, shares of New Sirius common stock are expected to begin trading on the Nasdaq Stock Market under the ticker symbol “SIRI” on September 10.