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  "notes": "Describes a corporate restructuring involving a split-off and subsequent acquisition.",
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      "text": "Subject to required approvals, including majority vote of LSXM shareholders, receipt of tax opinions, required regulatory approvals and customary closing conditions",
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      "text": "Results in estimated Exchange Ratio of 8.4(1) shares of New SiriusXM per share of LSXM held",
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      "text": "Expected to close early Q3’24",
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      "text": "Liberty separates Liberty SiriusXM Group (“LSXM”) through redemptive split-off to form SplitCo holding all LSXM assets and liabilities",
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      "text": "SiriusXM minority shareholders receive 1 share of New SiriusXM for each share of SiriusXM held",
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      "text": "Immediately following split-off, SplitCo acquires SiriusXM in all stock transaction to form New SiriusXM with one class of common stock",
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      "text": "Note: Refer to Appendix pages 13-15 for additional transaction detail (1) Exchange Ratio based on estimated net liabilities at LSXM as of June 30, 2024 and estimated other liabilities for transaction fees and expenses, financing fees, litigation related liabilities and other corporate adjustments; subject to final adjustments at close",
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