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XM and Sirius announce merger plans
Posted: Tue, Feb 20, 2007, 8:50 AM ET (1350 GMT)
The two satellite radio companies serving the US announced Monday that they plan to combine in a "merger of equals" valued at $13 billion. XM Satellite Radio and Sirius Satellite Radio will join forces in an effort to reduce costs and be better able to deal with competing technologies ranging from the Internet to terrestrial radio. The companies said they have not decided yet the name of the merged company nor where it will be headquarters; Sirius is based in New York while XM is in Washington DC. XM Chairman Gary Parsons will be chairman of the combined company while Sirius CEO Mel Karmazin will be CEO. The companies expect the merger to close by the end of 2007, but the deal faces potentially difficult regulatory approvals from both the FCC and the FTC.
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