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
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