Liberty Media Corp. proposed splitting off the business that houses SiriusXM and combining it with the rest of Sirius XM Holdings Inc., the latest reshuffling of billionaire John Malone’s sprawling business empire.

Liberty already owns about 83% of SiriusXM, the audio entertainment company that includes the Pandora music streaming platform and satellite radio. Liberty’s Sirius XM shares are held in a tracking stock.

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Liberty Media Plans to Split Off SiriusXM as Malone Reshuffles