As reported on CNN:
http://money.cnn.com/2007/02/19/news...ion=2007021914
XM, Sirius tie-up may be at hand
The two satellite radio operators are in the final stage of merger talks, but have not reached a deal yet, paper reports.
February 19 2007: 2:14 PM EST
NEW YORK (CNNMoney.com) -- XM Satellite Radio Holdings Inc. and Sirius Satellite Radio are in final-stage merger talks, but have yet to reach a deal, according to a report published Monday.
Citing a person familiar with the matter, the Wall Street Journal reported that the two satellite radio operators were nearing an agreement to create satellite radio giant.
The New York Post had reported earlier that the Sirius (Charts) and XM (Charts) were planning to announce the merger sometime Monday in what is expected to be a merger of equals.
As part of the deal, XM Chairman Gary Parsons would remain chairman of the combined firm, while Sirius' Mel Karmazin would assume the role of CEO, the Post reported.
Speculation has run rampant on Wall Street about a possible tie-up between the two firms since the beginning of the year.
On Friday, a Bear Stearns analyst recommended that the two firms put aside their differences and merge, sending XM shares up 8 percent. (Full story)