Sirius XM Shareholders Approve Reverse Split

Posted by: Olga Kharif on December 18, 2008

I just talked with a shareholder who attended Sirius XM’s annual shareholder meeting this morning. More than 150 people in attendance were at first greeted by a dozen banners, urging them to vote against a reverse split, which may be needed in 2009 to provent Sirius’s shares from being delisted from the Nasdaq. (Later, the banners were taken outside).

But despite some shareholders’ objections, the majority of the stock owners approved a resolution to give the company’s management the authority to implement a reverse split and to issue additional shares as needed. All board members of Sirius have been re-confirmed, says my source. Despite expectations to the contrary, CEO Mel Karmazin did not provide any new information about how he plans to refinance nearly $1 billion in debt due next year.

Reader Comments

Northern Tiger

December 19, 2008 12:40 PM

The technology is stunning. The coverage area is huge, encompassing not only the continental US, but also most of Canada, Mexico, and much of Central America.

The thing that blights the service is the thumping, noisy, frenetic, and high-speed Sirius-XM ads for other channels. I find myself often muting the audio and then forgetting to turn it back on.

Some of the feeds are also unacceptable. An example is the Spanish CNN channel, with it's disjointed and frenetic cacophony wall of noise.

The service needs to be calmed down and cleaned up lest loyal listeners lose interest.

gary buch

December 23, 2008 9:01 AM

i love sirius xm. i can't handle the commercials on the news channels that are repeated multiple times a day and for months at a time. i don't listen to the news. other than that i think it's great. long live sirius xm

itechnology

December 25, 2008 7:51 AM


Cool Stuff

All the steps are clearly mentioned.

Thanks

Nolan Helms

December 27, 2008 2:13 PM

when will the rev split take place

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Bloomberg Businessweek writers Peter Burrows, Cliff Edwards, Olga Kharif, Aaron Ricadela, and Douglas MacMillan, dig behind the headlines to analyze what’s really happening throughout the world of technology. Tech Beat covers everything from tech bellwethers like Apple, Google, and Intel and emerging new leaders such as Facebook to new technologies, trends, and controversies.

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