Liberty Media proposes merger with radio broadcaster Sirius XM

📆 26/09/2023 13:32:00
📰 globeandmail

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The proposal aims to spin off Liberty SiriusXM Group or LSXM, the group through which it owns a 83% stake in SiriusXM, into a new unit that would merge with the radio company

Billionaire John Malone’s Liberty Media is looking to combine the business that contains its stake in SiriusXM with the rest of the radio company, in a deal to create a publicly listed firm controlled by the conglomerate.

“SiriusXM minority shareholders will also benefit from enhanced trading dynamics, including increased liquidity and likelihood of future index inclusion,” Liberty Media CEO Greg Maffei said.After the proposed merger, minority investors of SiriusXM would own about 16 per cent of the new company, while Liberty Media would own the rest.

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