Form 4: Liberty Media Director Reports Share Redemption and Transfers Following Sirius XM Holdings Restructuring

Robert R. Bennett, a director of Liberty Media Corporation, reported the redemption of Liberty SiriusXM common stock for Sirius XM Holdings stock and transfers of shares to Hilltop Investments III, LLC.

Summary

• On September 9, 2024, Liberty Media Corporation redeemed all series of Liberty SiriusXM common stock for 0.8375 shares of Sirius XM Holdings Inc. common stock, with cash paid for fractional shares.
• Robert R. Bennett, a director of Liberty Media Corporation, reported these transactions.
• Bennett also reported a transfer of 1,596 shares of Series C Liberty SiriusXM common stock to Hilltop Investments III, LLC on September 6, 2024.
• The reported transactions involved Series A and C Liberty SiriusXM common stock held directly and indirectly through Hilltop Investments, LLC, Hilltop Investments III, LLC, and the Deborah Bennett Revocable Trust.
• The director disclaims beneficial ownership of shares held by the Deborah Bennett Revocable Trust.

Sentiment

Score: 7

Explanation: The document reports routine transactions related to a previously announced corporate restructuring, suggesting a neutral to slightly positive sentiment as the restructuring progresses as planned.

Industry Context

This announcement reflects the completion of the planned restructuring involving Liberty Media and Sirius XM Holdings, aligning the corporate structure with the operational business.

Related Party Transactions

• The transfer of shares to Hilltop Investments III, LLC, an entity wholly owned by the reporting person and his spouse, constitutes a related party transaction.

Stakeholder Impact

• Shareholders of Liberty SiriusXM common stock were impacted by the redemption, receiving shares of Sirius XM Holdings and cash for fractional shares.
• The restructuring simplifies the corporate structure, potentially benefiting shareholders in the long term.

Key Dates

Keywords

Liberty Media Corporation, Sirius XM Holdings, Robert R. Bennett, share redemption, Form 4, beneficial ownership, Hilltop Investments, Deborah Bennett Revocable Trust, director, LSXMA