XM Satellite Radio and Sirius Satellite Radio have entered into an agreement to merge.
The deal values the combined company at $13 billion.The combination of the two companies is expected to offer a great choice of channels to customers, accelerated technology and new benefits to OEM partners.
The management line-up for the new company will be led by Sirius head honcho Mel Karmazin. Gary Parsons, Chairman of XM will chair the joint company. XM's CEO Hugh Panero is expected to exit the company following the merger.
Sirius Radio's core asset is superjock Howard Stern. XM Radio has grabbed headlines by signing Bob Dylan to host one of its programs.
The deal is subject to approval by the FCC but expected to be finalized before the end of 2007.
