>From Skyreport.com, 3:13 PM today: BREAKING NEWS: Sirius, XM to Merge in $13 Billion Deal The companies made it official this afternoon: XM Satellite Radio and Sirius entered into a definitive agreement to merge operations in a deal valued at $13 billion, which includes net debt of about $1.6 billion.
Through the deal, XM shareholders will receive a fixed exchange ratio of 4.6 shares of Sirius common stock for each share of XM. XM and Sirius shareholders will each own about 50 percent of the combined company. Sirius CEO Mel Karmazin will become CEO of the combined company and Gary Parsons, chairman of XM, will become chairman of the new entity. The new company's board of directors will consist of 12 directors, including Karmazin and Parsons, four independent members designated by each company, and a representative from General Motors and American Honda. XM CEO Hugh Panero will continue in his current role until the anticipated close of the merger. The companies said they 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 deal also is subject to regulatory approvals, including an OK from the Federal Communications Commission. It's the second big satellite deal the agency is working on, given its scrutiny of Liberty Media's takeover of DIRECTV. -- -Rob de Santos Columbus, OH _______________________________________________ Swprograms mailing list [email protected] http://montreal.kotalampi.com/mailman/listinfo/swprograms To unsubscribe: Send an E-mail to [EMAIL PROTECTED], or visit the URL shown above.
