[SVT ZX3]

Quote:February 20, 2007

SIRIUS and XM Satellite Radio companies to merge


Washington, D.C. - SIRIUS Satellite Radio and XM Satellite Radio have announced they have entered into a merger of equals, with a combined enterprise value of approximately US$13 billion, which includes a net debt of approximately US$1.6 billion.

Under the terms of the agreement, XM shareholders will receive a fixed exchange ratio of 4.6 shares of SIRIUS common stock for each share of XM they own. XM and SIRIUS shareholders will each own approximately 50 per cent of the combined company.

The companies will continue to operate independently until the transaction is completed, and will work together to determine the combined company's corporate name and headquarters location prior to closing. The companies have a combined subscriber base of approximately 14 million. The transaction is subject to approval and is expected to be completed by the end of 2007.

Guess the satellite radio wars are over already....