NEW YORK (Reuters) – The two main U.S. satellite radio providers, Sirius Satellite Radio and XM Satellite Radio on Monday said they would merge in a stock-for-stock deal, a move that has been long expected in the young industry.
XM and Sirius said they would combine to create a company with an enterprise value of $13 billion, including $1.6 billion in net debt.
Under the terms of the deal, XM stockholders will get 4.6 shares in Sirius.
Veteran media executive Mel Karmazin, currently Sirius CEO, will be CEO of the combined company, and Gary Parsons, now chairman of XM, will hold the same position in the new company. The deal will need regulatory approval.

















Irina Cornici, 23, died after being starved and chained to a cross at a secluded convent in the north-east.
LOS ANGELES, California (AP) — Actor Ray Liotta was arrested on suspicion of driving under the influence after crashing his car into two parked vehicles in Pacific Palisades, authorities said.