Sirius XM Owner Gets Legal Pass for 401(k) Holders’ Stock Sale

The US Labor Department granted Sirus XM’s parent company Liberty Media Corp. a legal exemption (PTE 2023-18) for a stock rights offering it made to workers participating in its 401(k) retirement plan.

Liberty Media conducted a shareholder rights offering in 2020 for its Series C Liberty SiriusXM Stock at a 20% reduction in price. Series A, B, and C shareholders were credited 9% of a right per share, and participants in the company’s Liberty Media 401(k) Savings Plan were instructed to exercise their rights to purchase C series stock or sell their offer through the plan’s trustee, Fidelity ...