AAPL Stock: 111.31 ( 0 )

Printed from

Official: Sirius, XM Satellite Radio to merge

updated 03:45 pm EST, Mon February 19, 2007

Sirius XM Merger Official

Confirming earlier allegations, both Sirius and XM this afternoon announced a formal union. Dubbed a "merger of equals," according to both firms, the deal will see each company's investors own roughly 50 percent of the united company, preventing any one faction from gaining absolute control of the new venture, which is now said to be worth $13 billion. Mel Karmazin of Sirius (pictured) will assume the role of CEO while Gary Parsons of XM will be its chairman.

While the deal has yet to be approved and should only be finalized by the end of this year, the currently unnamed business intends to preserve as much of both halves as possible, expanding the channel lineup and using the combined strength of their hardware research. The move should also let satellite better compete against iPods and HD Radio, the companies claim. A webcast explaining more should be available online and on both radio networks tomorrow at 8:30 AM Eastern.

by MacNN Staff




Login Here

Not a member of the MacNN forums? Register now for free.


Network Headlines

Follow us on Facebook


Most Popular


Recent Reviews

Polk Hinge Wireless headphones

Polk, a company well-established in the audio market, recently released a new set of headphones aimed at the lifestyle market. The Hin ...

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...


Most Commented