Sirius Shareholders Approve Stock Moves

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At a meeting Thursday, Sirius XM shareholders approved a series of moves tied to the beleaguered stock price for the satellite radio company.

For starters, shareholders approved an amendment that increases the number of authorized shares of Sirius XM common stock from 4.5 billion shares to 8 billion shares.

The second amendment approved by shareholders permits the company's board to consider a reverse stock split of common shares. That reverse stock split can be between one-for-10 and one-for-50. The board can determine the degree of the split at its discretion, Sirius said.

Also, shareholders re-elected existing board members. Those re-elected include Sirius CEO Mel Karmazin, board chairman Gary Parsons and former DIRECTV CEO Eddy Hartenstein.