Satellite Radio Companies Close Their Merger

Sirius XM is now the second-largest U.S. radio company based on revenue, and ‘With under 10% penetration of the home and car market, the opportunity for continued growth is significant.’
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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.


Congress to Probe Satellite Merger

A new congressional antitrust task force will hold a hearing next week on the proposed merger of radio subscription companies XM and Sirius, according to a statement from House Judiciary Committee Chairman John Conyers, D-Mich.

Quass on Satellite Merger

“Let’s be clear: Radio broadcasters do not compete in the national market of the satellite radio companies, but XM and Sirius do compete in the local radio markets.”

Rural Groups Back Satellite Merger

In a joint letter to FCC Commissioner Jonathan Adelstein, a South Dakota native, several organizations representing rural Americans expressed support for the proposed Sirius-XM merger, citing benefits for rural consumers.