XM Satellite Radio, SIRIUS, merger
p2pnet.net news:- XM Satellite Radio and SIRIUS Satellite Radio say they’re getting together in a tax-free, all-stock “merger of equals” with a combined enterprise value of approximately $13 billion, including net debt of approximately $1.6 billion.
Mel Karmazin, currently SIRIUS ceo, will have the same post in the new combined company, and Gary Parsons, currently chairman of XM, will be chairman.
The new company’s board of directors will comprise Karmazin and Parsons, four independent members designated by each company, and one representative from each of General Motors and American Honda.
Hugh Panero, the Chief Executive Officer of XM, will continue in his current role until the anticipated close of the merger,” says a statement, adding that the companies will continue to operate independently until the transaction is completed and will work together to determine the combined company’s corporate name and headquarters location prior to closing.
“The combination creates a nationwide audio entertainment provider with combined 2006 revenues of approximately $1.5 billion based on analysts’ consensus estimates,” say the new partners. “Today the companies have approximately 14 million combined subscribers.”
XM shareholders will receive a fixed exchange ratio of 4.6 shares of SIRIUS common stock for each share of XM they own. XM and SIRIUS shareholders will each own approximately 50% of the combined company.
Also See:
statement – SIRIUS and XM to Combine in $13 Billion Merger, February 19, 2007
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Tired of being treated like a criminal? They depend on you, not the other way around. Don’t buy their ‘product’. Do bug your local politicians. Use emails, snail-mail, phone calls, faxes, IM, stop them in the street, blog. And if you’re into organizing, organize petitions, organize demonstrations and then turn up on your local political rep’s doorstep, making sure you’ve contacted your local tv/radio station/newspaper in advance. Don’t just complain. Do something!
February 20th, 2007 at 6:31 pm
Uh oh. Time for the DOJ to step in.
February 20th, 2007 at 7:35 pm
Crap + Crap = A Whole Lot Of Crap.
Destined to be marginalized. When Wi-Fi becomes standard, people’ll be playing Internet Radio in their cars, killing this shitty service.
February 20th, 2007 at 8:13 pm
My only question is what is satellite radio? Honestly i don’t think it even exists in Oz.
Besides, i’ve hardly turned my radio on in ages. Something about having transferred all my cd’s onto my pc i guess.
I can tell you, i DON’T miss the radio ads. At all. Not even a little teensy bit.