Exhibit 99.2
August 3, 2023
Ï㽶´«Ã½ Completes Reclassification of Tracking Stocks
ENGLEWOOD, Colo.—(BUSINESS WIRE)—Ï㽶´«Ã½ (“Ï㽶´«Ã½ Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) announced it completed, effective as of 5:00 p.m., New York City time, on August 3, 2023, the previously announced reclassification of its existing Ï㽶´«Ã½ SiriusXM common stock and Ï㽶´«Ã½ Formula One common stock into three new tracking stocks: new Ï㽶´«Ã½ SiriusXM common stock, new Ï㽶´«Ã½ Formula One common stock and Ï㽶´«Ã½ Live common stock (each with three series of common stock) (the “Reclassification”). In the Reclassification,
| · | each outstanding share of Ï㽶´«Ã½ SiriusXM common stock was reclassified into one share of the corresponding series of new Ï㽶´«Ã½ SiriusXM common stock and 0.2500 of a share of the corresponding series of Ï㽶´«Ã½ Live common stock, and |
| · | each outstanding share of Ï㽶´«Ã½ Formula One common stock was reclassified into one share of the corresponding series of new Ï㽶´«Ã½ Formula One common stock and 0.0428 of a share of the corresponding series of Ï㽶´«Ã½ Live common stock. |
Cash will be paid in lieu of any fractional shares of Ï㽶´«Ã½ Live common stock. Holders of Ï㽶´«Ã½ Media common stock should contact their broker or other nominee for additional details or questions regarding cash in lieu payments.
Ï㽶´«Ã½ Media anticipates that the newly issued shares will commence trading or quotation in the regular way on the Nasdaq Global Select Market or the OTC Markets, as applicable, on Friday, August 4, 2023 under the following symbols:
| Nasdaq Global Select Market | |||
| Tracking Stock | Symbol | ||
| Series A Ï㽶´«Ã½ SiriusXM common stock | LSXMA | ||
| Series B Ï㽶´«Ã½ SiriusXM common stock | LSXMB | ||
| Series C Ï㽶´«Ã½ SiriusXM common stock | LSXMK | ||
| Series A Ï㽶´«Ã½ Formula One common stock | FWONA | ||
| Series C Ï㽶´«Ã½ Formula One common stock | FWONK | ||
| Series A Ï㽶´«Ã½ Live common stock | LLYVA | ||
| Series C Ï㽶´«Ã½ Live common stock | LLYVK | ||
| OTC Markets | |||
| Tracking Stock | Symbol | ||
| Series B Ï㽶´«Ã½ Formula One common stock | FWONB | ||
| Series B Ï㽶´«Ã½ Live common stock | LLYVB | ||
Effective as of the Reclassification, Ï㽶´«Ã½ Media has outstanding an aggregate of approximately 25.6 million shares of Series A Ï㽶´«Ã½ Live common stock, 2.5 million shares of Series B Ï㽶´«Ã½ Live common stock and 63.6 million shares of Series C Ï㽶´«Ã½ Live common stock.
Forward-Looking Statements
This communication includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including certain statements relating to the commencement of trading or quotation, as applicable, of the shares of Ï㽶´«Ã½ Media common stock. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements generally can be identified by phrases such as “possible,” “potential,” “intends” or “expects” or other words or phrases of similar import or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” “could,” or similar variations. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These forward-looking statements speak only as of the date of this communication, and Ï㽶´«Ã½ Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Ï㽶´«Ã½ Media’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Ï㽶´«Ã½ Media, including its Registration Statement on Form S-4 (File No. 333-268921), as amended, and its most recent Forms 10-K and 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports Ï㽶´«Ã½ Media subsequently files with the SEC, for additional information about Ï㽶´«Ã½ Media and about the risks and uncertainties related to Ï㽶´«Ã½ Media’s business which may affect the statements made in this communication.
About Ï㽶´«Ã½
Ï㽶´«Ã½ operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Ï㽶´«Ã½ SiriusXM Group, the Formula One Group and the Ï㽶´«Ã½ Live Group. The businesses and assets attributed to the Ï㽶´«Ã½ SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Ï㽶´«Ã½ Media’s interest in SiriusXM. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include Ï㽶´«Ã½ Media’s subsidiary Formula 1 and other minority investments. The businesses and assets attributed to the Ï㽶´«Ã½ Live Group (NASDAQ: LLYVA, LLYVK) include Ï㽶´«Ã½ Media’s interest in Live Nation and other minority investments.
Ï㽶´«Ã½
Shane Kleinstein, 720-875-5432
Source: Ï㽶´«Ã½