XM and Sirius Merge

XM Satellite Radio and Sirius Satellite Radio have jointly announced that they have entered into an agreement to combine the two companies – in an all-stock merger – with a combined enterprise value of $13 billion.

Sirius’ superstar CEO Mel Karmazin will head the new company as its CEO, and Gary Parsons will also retain his title as Chairman as the new company. The new company’s board of directors will consist of 12 directors, four independent members designated by each company, as well as one representative from each of General Motors and American Honda.

Hugh Panero will continue in his current role until the close of the merger. Further management appointments will be announced 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.

Follow the jump to read what’s in store for customers and investors under this new merged entity…

[more at source: orbitcast]

So far I’m unimpressed.

I wonder what’s going to happen with Opie and Anthony and Howard Stern (hoo hoo)? They absolutely despise each other and now they’ll have to work together. O and A believe had a hand in Howard having them fired before. I wonder if we’re about to see it happen again? Ugh. I hope there’s room for the two with the new merged company. If not we’ll be ditching our subscription. Howard Stern is boring.