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Now comes the really hard part… XM (NSDQ: XMSR) and Sirius (NSDQ: SIRI) have just announced the completion of the merger. The new company, SIRIUS XM Radio Inc. will now trade under Sirius’ old ticker (“SIRI”) starting today. Now that the two rivals can stop competing with each other, XM Sirius is reiterating guidance that the merger will save them $400 million in 2009, leading to EBITDA exceeding $300 million for the year. Release.
In a separate release, Sirius announced the pricing of a common stock offering. Altogether, 262,399,983 are being offered, 183,679,988 of which will be sold at $1.50 (Sirius currently trades at $1.86). The remaining 78,719,995 will be sold from time to time at various prices. Release.