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October 6, 2014:
The DASH Issue
CEA President/CEO
Gary Shapiro





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Liberty Wants Full Ownership of Sirius

1-6-13

Liberty took majority ownership of Sirius XM one year ago and is now taking steps toward full ownership. Shareholders of Sirius XM would convert their common stock into 0.076 of a new share of Liberty, immediately following a 2:1 distribution of a new Liberty Series C common stock to all Series A and B shareholders. The proposed exchange ratio values Sirius shares at approximately $3.68 per share based on Friday closing prices of Liberty’s Series A shares.

Liberty Chairman John Malone said, "The proposed transaction is an important step in the growth of both companies. It will enable us to focus our energies on the pursuit of new opportunities across the expanded portfolio of Liberty’s businesses and to optimize our capital structure to produce the maximum possible returns to all shareholders.”

Liberty CEO Greg Maffei said, "Our proposal will allow Sirius public shareholders to convert from a non-controlling stake in a subsidiary into a direct equity position in Liberty, the parent company. Sirius shareholders will continue to participate in Sirius’ future prospects along with Liberty’s broader portfolio of businesses and opportunities. We believe the combined company will have better access to capital and all of Liberty’s shareholders — both its current shareholders and the Sirius shareholders who become Liberty shareholders as a result of the proposed transaction — will enjoy enhanced liquidity as shareholders of a $27 billion market capitalization company.”




 
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