NEW YORK (CelebrityAccess) — John C. Malone’s Liberty Media announced it has successfully completed the spin-off of satellite broadcaster Sirius XM holdings into a standalone company.
The complex deal saw Sirius separate from Liberty and will now operate as an independent public company independent from Liberty Media, and has been renamed Sirius XM Holdings Inc.
Following the spin-off, Sirius XM Holdings has 339,133,937 shares of common stock outstanding, of which former holders of Liberty SiriusXM common stock own approximately 81% of Sirius XM Holdings, while former Old Sirius minority stockholders own the remaining 19%.
Liberty acquired a majority stake in SiriusXM in 2009 after helping the company to avoid bankruptcy with a a US$530 million loan from Liberty Media, which helped the company to report a profit for the first time in the fourth quarter of 2009.
As of Wednesday afternoon, SiriusXM (ticker SIRI) is trading at $28.32 with a market cap of $11 billion.
