Liberty SiriusXM To Merge With SiriusXM To Form New Public Company

RTTNews | 630 dagar sedan

(RTTNews) - Liberty Media Corp. (LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) and audio entertainment company Sirius XM Holdings Inc. (SIRI), announced Tuesday that they have entered into definitive agreements whereby Liberty Media's Liberty SiriusXM tracking stock group will be combined with SiriusXM to create a new public company.

The New SiriusXM will continue to operate under the SiriusXM name and brand. New SiriusXM will have a single outstanding series of common stock and is expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol "SIRI".

The transaction will result in New SiriusXM being an independent public company, with no majority stockholder, a single class of shares and a board comprising a majority of independent directors.

Under the terms of the transaction, Liberty will separate Liberty SiriusXM by means of a redemptivsplit-off of a new subsidiary of Liberty, which will hold its shares of SiriusXM and approximately $1.7 billion of estimated attributed net liabilities.

The transaction is intended to be tax-free to Liberty SiriusXM stockholders (except with respect to any cash received in lieu of fractional shares) and SiriusXM stockholders.

SiriusXM has secured committed financing with availability of $1.1 billion from Morgan Stanley, Bank of America and J.P. Morgan, the net proceeds of which may be used to refinance Liberty Media's 2.75% Exchangeable Notes due 2049 and the existing Liberty Media margin loan secured by SiriusXM's common stock.

The transaction has been unanimously approved by Liberty's Board, the SiriusXM Special Committee and SiriusXM's Board of Directors. Greg Maffei is expected to be Chairman of the Board of New SiriusXM.

The transaction is expected to be completed early in the third quarter of 2024, subject to approval by a majority of the aggregate voting power of the shares of Liberty SiriusXM common stock present 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.

Taggar: LSTZA

European Shares Seen Up In Cautious Trade

European stocks are seen opening slightly higher on Wednesday as bond yields stabilized after a spike overnight and a federal judge ruled against breaking up Google, fueling optimism that tech giants will be able to weather regulatory threats.

RTTNews | 13 minuter sedan

Sensex, Nifty Marginally Higher In Early Trade

Indian shares were marginally higher on Wednesday despite rising oil prices and weak cues from global markets.

RTTNews | 1h 3minuter sedan

Australian Market Extends Early Losses In Mid-market

The Australian stock market is extending its early losses in mid-market moves on Wednesday, adding to the losses in the previous three sessions, with the benchmark S&P/ASX 200 falling well below the 8,900 level, following the broadly negative cues from Wall Street overnight, with weakness in financial and technology stocks partially offset by gains in mining stocks.

RTTNews | 1h 53minuter sedan

Asian Markets Trade Mixed

Asian stock markets are trading mixed on Wednesday, following the negative cues from Wall Street overnight, as traders remain cautious amid renewed uncertainty among various nations trading with the US, many of which have concluded tariff deals, after a US Appeals Court ruled that US President Donald Trump's "reciprocal tariffs" are illegal. Asian markets closed mixed on Tuesday.

RTTNews | 1h 56minuter sedan

Sensex, Nifty Set To Open Lower Amid Rising Global Bond Yields

Indian shares look set to open on a weak note on Wednesday, with trade tensions and caution ahead of the two-day Goods and Services Tax (GST) Council meeting, scheduled for Sept 3-4, likely to keep investors on edge.

RTTNews | 3h 27minuter sedan

Win Streak May End For Thai Stock Market

The Thai stock market has moved higher in back-to-back sessions, adding more than a dozen points or 1 percent in that span. The Stock Exchange of Thailand now sits just shy of the 1,250-point plateau although the rally may stall on Wednesday.

RTTNews | 3h 51minuter sedan

Japanese Market Modestly Lower

The Japanese stock market is trading modestly lower on Wednesday, reversing the gains in the previous session, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling below the 42,250 level, with weakness in index heavyweights, financial and technology stocks partially offset by gains in exporter stocks.

RTTNews | 4h 15minuter sedan

Lower Open Called For Hong Kong Stock Market

The Hong Kong stock market on Wednesday ended the two-day winning streak in which it had picked up almost 620 points or 2.4 percent. The Hang Seng Index now sits just shy of the 25,500-point plateau and it's expected to open in the red again on Wednesday.

RTTNews | 4h 36minuter sedan

EURUSD	1.16287	GBPUSD	1.33613	AUDUSD	0.65112
USDJPY	148.594	USDCAD	1.37984	USDCHF	0.80534