NEW YORK The much-discussed, long-awaited merger of equals is done. Sirius Satellite Radio this morning completed its $3.3 billion absorption of direct competitor XM Satellite Radio in an all-stock deal that took nearly 18 months to wind through Washington's regulatory maze.
In the end, the deal has cost the satellite companies million of dollars in lobbying and attempting to influence the necessary decision makers, and has left the share prices of each company deflated. Sirius closed down 37 cents at $1.88 a share Monday, while XMSR shares were off $1.11 at $8.17.
The new company will be known as Sirius XM Radio and starts with over 18.5 million subscribers. Existing radios will continue to work and every subscriber will be able to maintain their current service package.
The combined company's stock will continue to be traded on the Nasdaq Global Select Market under the symbol "SIRI." XMSR shares will no longer be traded.
Sirius XM Radio's corporate headquarters will be in New York City and its subsidiary, XM Satellite Radio, will remain headquartered in Washington, D.C.