It's Official: Sirius XM Radio Is Formed
July 29, 2008 at 5:59 AM (PT)
SIRIUS SATELLITE RADIO and XM SATELLITE RADIO TODAY announced that they have completed their merger.
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.
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.
"I am delighted to announce the completion of this exciting merger between SIRIUS and XM," said SIRIUS XM RADIO CEO MEL KARMAZIN. "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. Follow SIRI when you click here.
Service In Puerto Rico
As part of the conditions to get the deal approved, the combined companies must file applications within three months of the deal's closing to provide satellite radio service to PUERTO RICO via terrestrial repeaters.