Sirius completes XM Radio purchase

Sirius Satellite Radio said today that is has completed its purchase of XM Satellite Rario to form a new combined company.

The news follows last week’s approval of the merger of the two firms following an extensive period of government scrutiny of the deal, ending when the US FCC gave the deal the go-ahead last week.

The new company will be named Sirius XM Radio, and will have more than 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 US.

“I am delighted to announce the completion of this exciting merger between Sirius and XM,” said Mel Karmazin, CEO of Sirius XM Radio. “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.

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