Tuesday, July 29, 2008

XM Satellite and Sirius complete merger

Originally Posted on Tue, Jul 29 2008 @ 8:49 AM [EST]


New company plans to change its name to Sirius XM Radio Inc.


07/29/08 8:30 AM EST

NEW YORK - XM Satellite Radio and Sirius Satellite Radio said Tuesday they have completed their long-pending merger.

The combined company plans to use the name Sirius XM Radio Inc. Its stock will continue to be traded on the Nasdaq under the ticker symbol SIRI. They first announced their deal in March 2007.

XM shareholders will receive 4.6 shares of Sirius common stock for each share of XM.

The combined company reaffirmed its guidance for the deal in a statement. It expects cost savings of about $400 million in 2009 and to post earnings before interest, taxes, depreciation and amortization of more than $300 million. It also plans to achieve positive cash flow, before satellite capital expenditures, in 2009.

The corporate headquarters will be located in New York, and XM Satellite Radio will remain headquartered in Washington, D.C.

The new company said it has 18.5 million subscribers.

© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


SOURCE



Comments

I think all this money is imaginary..300 million there 400 million here..Big Deal its just numbers..VM-out!
Comment By: VM on Wed, Jul 30 2008 @ 8:24 AM [EST]

A not so wise man (me) once said, "We never have money, we are just holding it for the next person" -TTB
Comment By: Truckin Tedybehr on Wed, Jul 30 2008 @ 12:42 PM [EST]

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