Shares of Liberty Media Corp.’s Liberty Sirius XM tracking stock LSXMA, +0.80% shot up 11.6% in premarket trading, while Sirius XM Holdings Inc.’s stock SIRI, -0.50% slid 4.5% toward a three-month low, after Liberty Media said it proposed that the two stocks combine to form a new public company named New SiriusXM.
05 shares of common stock of New SiriusXM. The new subsidiary would then combine with SiriusXM to form New SiriusXM. “Liberty’s proposal rationalizes the dual corporate structure between LSXM and SiriusXM and provides value to all shareholders with a more flexible and attractive currency in New SiriusXM,” said Liberty Chief Executive Greg Maffei.
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