Welcome to “Sirius XM.”
That’s the new name of the combined satellite radio companies, which closed their merger this week after receiving FCC approval.
Mel Karmazin is CEO of the new entity.
“Sirius XM Radio begins day one with over 18.5 million subscribers, making it the second-largest radio company, based upon revenue, in the country; and, based upon subscribers, the second largest subscription media business in the U.S.,” it stated. “With under 10% penetration of the home and car market, the opportunity for continued growth is significant.”
The first of its new pricing packages are to be ready this fall.
The company trades on Nasdaq under the old Sirius symbol “SIRI.” XM stock stopped trading and those shareholders will receive 4.6 shares of Sirius stock for each XM share, the company said.
The company will keep both locations in New York and Washington, but corporate headquarters will be in New York.