John Paczkowski

Recent Posts by John Paczkowski

Sirius Shareholders Pass Reverse Split, Additional Shares

Well, what do you know? Sirius CEO Mel Karmazin pulled it off: At the satellite radio outfit’s shareholder meeting today, a proposal to enact a reverse stock split and another to increase the number of authorized shares of Sirius XM (SIRI) common stock from 4,500,000,000 to 8,000,000,000 passed. The reverse split plan could reduce the number of outstanding shares to a range of 65 million to 320 million shares from 3.2 billion.

What’s more, the company reaffirmed its 2009 revenue estimate of $2.7 billion. Quite a victory for Karmazin, who’s been facing a fair bit of shareholder discontent and more than a few calls for his ouster.