Why Sirius XM and Liberty Media Stocks Are Making Moves in Opposite Directions Today
Sirius XM (NASDAQ: SIRI) and Liberty Media (NASDAQ: LSXMA), (NASDAQ: LSXMB), (NASDAQ: LSXMK) shares are moving in opposite directions Tuesday following a proposed combination of the two companies. Sirius' share price was down by 3.2% as of 12:15 p.m. ET, according to data from S&P Global Market Intelligence. Meanwhile, Liberty Media's stock was up by roughly 4.5%.
Sirius XM and Liberty Media published press releases Tuesday morning detailing their proposed combination. Liberty already owns a controlling stake in Sirius, but it's clear from the market's response to the news that shareholders in the two companies have differing takes on the idea.
Altogether, Liberty Media already owns a roughly 83% stake in Sirius XM -- a controlling interest. In addition to the Liberty Sirius XM subsidiary, Liberty has two subsidiaries -- Liberty Live Group and Formula One Group. The Liberty Live Group houses 10 individual business units, while the Formula One Group subsidiary houses five distinct business units.
Source Fool.com
