According to CNN, XM and Sirius will each own half of the merged company, which will have a combined 14 million subscribers, and nearly a $13 billion market value.
No word yet on the name of the combined company, or where their headquarters will be located.
In a joint statement, XM Chairman Gary Parsons and XM chief executive Hugh Panero said, "The combined company will be better positioned to compete effectively with the continually expanding array of entertainment alternatives that consumers have embraced since the Federal Communications Commission (FCC) first granted our satellite radio licenses a decade ago."
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