Sirius XM Merger COMPLETE

[bouche]

Howard Stern is a very happy man today. Sirius and XM are now one.

SIRIUS Satellite Radio (Nasdaq: SIRI) and XM Satellite Radio today announced that they have completed their merger, resulting in the nation's premier radio company. The new company plans to change its corporate name to SIRIUS XM Radio Inc. The combined company's stock will continue to be traded on the Nasdaq Global Select Market under the symbol "SIRI."

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. With under 10% penetration of the home and car market, the opportunity for continued growth is significant.

"I am delighted to announce the completion of this exciting merger between SIRIUS and XM," said Mel Karmazin, CEO of SIRIUS XM Radio. "We have worked diligently to close this transaction and we look forward to integrating our best-in-class management teams and operations so we can begin delivering on our promise of more choices and lower prices for subscribers."

"Every one of our constituencies is a winner. Combined, SIRIUS XM Radio will deliver superior value to our shareholders. By offering more compelling packages and the best content in audio entertainment, we are well positioned for increased subscriber growth. Our laser focus on subscribers will continue and listeners can be assured that there will be no disruption in service. We also believe that the completion of the merger will eliminate any confusion that has been lingering in the marketplace," added Karmazin.

XM shareholders will receive 4.6 shares of SIRIUS common stock for each share of XM.

Competitive New Options for Consumers

SIRIUS XM Radio broadcasts more than 300 channels of programming, including exclusive radio offerings from Howard Stern, Oprah, Opie & Anthony and Martha Stewart, among others. SIRIUS XM Radio will offer these expanded options to consumers through arrangements with the world's leading automakers and its relationships with nationwide retailers.

As a result of the merger, SIRIUS XM Radio will also be able to offer consumers new packages in audio entertainment, including the first ever a la carte programming option in subscription media. In addition to two a la carte options, the new packages will include: "Best of Both," giving subscribers the option to access certain programming from the other network; discounted Family Friendly packages; and tailored packages including "Mostly Music" and "News, Talk and Sports." The first of the new packages will be available in the early Fall.

"One of the most exciting benefits of this transaction is the ability to offer subscribers the option of expanding their subscriptions to include the Best of Both services. Given the respective popularity of exclusive programming on both SIRIUS and XM, we expect many subscribers will upgrade their current subscription," said Karmazin.

"The upside potential for both consumers and shareholders is huge. Consumers have the ease of adding premier programming without purchasing a new device. For shareholders, this kind of organic growth is a key part of the company's future and the success we expect to see," said Karmazin.

As promised when the merger was first announced, existing radios will continue to work and every subscriber has the option of maintaining their current service package.

Benefits for Shareholders Begin Immediately, Integration Already Under Way

SIRIUS XM Radio expects to begin realizing the synergies expected from this transaction immediately.

"In addition to realizing significant potential revenue growth, the management team will move quickly to capitalize on the synergies that many analysts have predicted for this combination. We expect to begin achieving those synergies without sacrificing any of the world-class programming and marketing we are known for," said Karmazin.

[ollie]

Sirius XM Merger Approved topic please.

[phishtaper]

im wet with anticipation over Oprah ...

[Irie Guy]

Maybe i don't know enough about the XM side of things but I'm perfectly happy with Sirius and I certainly won't be paying anymore to access the XM channels.

[ollie]

Maybe i don't know enough about the XM side of things but I'm perfectly happy with Sirius and I certainly won't be paying anymore to access the XM channels.

It's still not clear if this will go through in Canada.

Canada's two satellite radio broadcasters say they are reviewing their options after the merger of XM and Sirius in the U.S. became official, but both companies said there would be no immediate impact on service north of the border.

Canadian satellite radio companies mull options after XM-Sirius merger

[bouche]

CRTC will screw this up. Hell, I don't even know what on XM I would even listen to.

[Northern Wish]

I hope no one bought stock expecting a quick return:

http://www.forbes.com/2008/07/28/sirius-satellite-closer-markets-equity-cx_cg_lal_0728markets46.html?feed=rss_popstories

"Its shares fell 16.4%, or 37 cents, to close at $1.88."