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  "documentTitle": "SiriusXM | Investor Presentation Deck | 20 slides",
  "authorId": "siriusxm",
  "authorName": "SiriusXM",
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  "presentationDate": "2023-12-01 00:00:00",
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  "notes": "Describes a corporate restructuring involving a split-off and subsequent merger.",
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      "text": "Liberty separates Liberty SiriusXM Group (“LSXM”) through redemptive split-off to form SplitCo holding all LSXM assets and liabilities. Immediately following split-off, SplitCo acquires SiriusXM in all stock transaction to form New SiriusXM with one class of common stock. LSXM shareholders receive 1 share of New SiriusXM for each share of SiriusXM previously held at LSXM, adjusted for LSXM net liabilities. Results in estimated Exchange Ratio of 8.4(1) shares of New SiriusXM per share of LSXM held. SiriusXM minority shareholders receive 1 share of New SiriusXM for each share of SiriusXM held. Subject to required approvals, including majority vote of LSXM shareholders, receipt of tax opinions, required regulatory approvals and customary closing conditions. Expected to close early Q3’24",
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      "text": "Note: Refer to Appendix pages 17-19 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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