Sirius XM Radio: Two Troubled Satellite Radio Companies Become One

Sirius Satellite Radio (SIRI) completes 17 months of merger hell (thank you, FCC) with its formal acquisition of XM Radio today. The XM brand alive in the combined company’s name, Sirius XM Radio. The joint company has 18.6 million subscribers and is trading under Sirius’s ticker symbol, SIRI.

SIRI also announced it priced a stock offering, lending 183 million shares at $1.50 a share to Morgan Stanley and UBS. An additional 79 million will be sold at market rates. Sirius XM shares were down 20% in premarket trading, to $1.49 a share.

See Also:
Sirius: Costs Flat, But New Subscribers Plummet 50%
It’s Official: Sirius-XM Gets Thumbs Up From FCC
XM Still Growing Ahead Of Sirius Merger, But Slower
What Happens To XM After A Merger? Not Much, And That’s A Problem

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