The merger of Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. has finally closed, and the two companies are now one. But the question on millions of peoples' minds is: what will be the new company name?
Well, now after over 500 days, we finally know. The new name of the combined Sirius and XM will be: Sirius XM Radio Inc.
Yes, that's right. Sirius XM Radio. I hope that's not a surprise, because both services will need to continue operation for the foreseeable future. So it only makes sense, though it does feel slightly... uninspired.
The combined company's stock will continue to be traded on the Nasdaq Global Select Market under the symbol SIRI.
Based on revenue, Sirius XM Radio Inc. will be the second largest radio company, and with a combined 18.5 million subscribers, it is now the second largest subscription media business in the U.S.
"I am delighted to announce the completion of this exciting merger between Sirius and XM," said Mel Karmazin, CEO of Sirius XM Radio. "We have worked diligently to close this transaction and we look forward to integrating our best-in-class management teams and operations so we can begin delivering on our promise of more choices and lower prices for subscribers."
"Every one of our constituencies is a winner. Combined, Sirius XM Radio will deliver superior value to our shareholders. By offering more compelling packages and the best content in audio entertainment, we are well positioned for increased subscriber growth. Our laser focus on subscribers will continue and listeners can be assured that there will be no disruption in service. We also believe that the completion of the merger will eliminate any confusion that has been lingering in the marketplace," added Karmazin.