Sirius XM Radio Inc. -- Moody's Says Proposed Offer by Liberty Media to Increase Its Ownership of Sirius XM to 100% is Credit Negative

New York, January 07, 2014 -- Moody's Investors Service said Sirius XM Holdings Inc. ("Sirius") recently announced its Board of Directors received a non-binding letter from Liberty Media Corporation (unrated) proposing a transaction to convert all outstanding shares of common stock of Sirius not owned by Liberty Media Corporation ("Liberty") into the right to receive 0.0760 of new, non-voting shares of Liberty Series C common stock. Immediately prior to a conversion, Liberty would distribute shares of Liberty's Series C common stock to all holders of record of Liberty's Series A and B common stock on a 2:1 basis. Upon the completion of the proposed transaction, Sirius public stockholders would own roughly 39% of Liberty's total equity market cap.

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