Sirius, XM Radio Completes Merger, Becomes Sirius XM Radio Inc

Sirius and XM, the US satellite radio giants, completed their long-awaited merger on Tuesday after winning the 16-month battle with regulators over market regulation.

The new company formed by Sirius Satellite Radio's buyout of XM Satellite Radio will be called Sirius XM Radio Inc. In February 2007, when the deal was first discussed, the merger was expected to be worth $13 billion.

Sirius XM Radio has more than 18.5 million subscribers, making it the second-largest radio company, based upon revenue, in the country, behind Clear Channel.

The deal was approved by XM and Sirius shareholders last December, when Sirius had more than 8.3 million subscribers compared with nine million for XM.

The new company broadcasts more than 300 channels of programming, including exclusive radio shows from shock-jock Howard Stern, television magnate Oprah Winfrey and home-decorating guru Martha Stewart.

Sirius stock plunged 19.68 percent to $1.51 in opening trade Tuesday after the company announced details of a $375 million common stock offering.

Sirius said it will offer 183.6 million shares at a fixed price of $1.50 a share, with the remaining 78.7 million shares to be offered "from time to time after the fixed price offering at prevailing market or negotiated prices."

XM shareholders will receive 4.6 shares of Sirius common stock for each share of XM. Sirius XM Radio will trade on the Nasdaq Global Select Market under the symbol SIRI.

In other radio news on Tuesday, Clear Channel Radio and Katz Media Group formed a new online radio network that will feature the largest collection of content from leading AM, FM and Internet stations in the country.

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