Sirius XM has completed its transaction with Liberty Media, becoming an independent public company with a simplified capital structure. The split-off and merger resulted in Liberty SiriusXM stockholders owning 81% of the new company, while former Sirius XM minority stockholders retain 19%. The transaction reduced outstanding shares by approximately 12% before the 1-for-10 adjustment.The company reaffirmed its 2024 guidance with revenue of $8.75B and adjusted EBITDA of $2.7B, while updating free cash flow guidance to $1.0B to reflect $200M in transaction-related impacts. The Board authorized a $1.166B stock repurchase program and plans to continue its quarterly dividend of approximately $0.27 per share.Management remains focused on three key objectives: enhancing subscriber value, growing advertising offerings, and driving operational efficiency. The company aims to return to its long-term leverage target of mid-to-low three times adjusted EBITDA, prioritizing debt reduction while maintaining strategic investments and capital returns.

Sirius XM has completed its transaction with Liberty Media, becoming an independent public company with a simplified capital structure. The split-off and merger resulted in Liberty SiriusXM stockholders owning 81% of the new company, while former Sirius XM minority stockholders retain 19%. The transaction reduced outstanding shares by approximately 12% before the 1-for-10 adjustment.The company reaffirmed its 2024 guidance with revenue of $8.75B and adjusted EBITDA of $2.7B, while updating free cash flow guidance to $1.0B to reflect $200M in transaction-related impacts. The Board authorized a $1.166B stock repurchase program and plans to continue its quarterly dividend of approximately $0.27 per share.Management remains focused on three key objectives: enhancing subscriber value, growing advertising offerings, and driving operational efficiency. The company aims to return to its long-term leverage target of mid-to-low three times adjusted EBITDA, prioritizing debt reduction while maintaining strategic investments and capital returns.