XM and Sirius join forces
The two major US satellite radio companies, XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Inc., have agreed to merge, it was announced today (February 19).
The two companies provide pay-for-service radio for a combined 14 million customers. Their services include the satellite broadcasting of numerous music stations across genres, as well as news, traffic, general entertainment and sports broadcasting.
The two companies said in a statement today that Mel Karmazin, the CEO of Sirius, would become chief executive of the new company while Gary Parsons, the chairman of XM, would remain in that role, reported the Associated Press.
The companies are discussing how to handle antitrust concerns arising as a result of the merger, which gives the newly formed company a monopoly on satellite radio.
–By our Los Angeles staff.