Potter Anderson Counsels Liberty Media in its Transaction to Simplify Ownership Structure of SiriusXM

Liberty Media Corporation and Sirius XM Holdings Inc., the leading audio entertainment company in North America, today announced 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, which 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.

Potter Anderson’s team served as Delaware counsel to Liberty Media and included partners Michael Tumas and Roxanne Houtman and associates Evan Hockenberger and Olivia Arasim.

About Potter Anderson

Potter Anderson & Corroon LLP is one of the largest and most highly regarded Delaware law firms, providing legal services to regional, national, and international clients. With more than 100 attorneys, the firm’s practice is centered on corporate law, corporate litigation, intellectual property, commercial litigation, bankruptcy, labor and employment, and real estate.