NEW YORK, Nov. 13 (UPI) -- Shareholders of Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. Tuesday approved a $13.6 billion merger of the U.S. satellite radio rivals.
New York's Sirius said more than 96 percent of Sirius shares voted in favor of the merger. Washington's XM said 99.8 percent of the voted shares favored the deal.
XM agreed in February to sell itself to Sirius in a deal that has drawn close regulatory scrutiny.
The merger would give XM shareholders 4.6 Sirius shares for each XM share. XM and Sirius shareholders would then each own about half the combined company, the companies said.
The deal faces regulatory approval by the U.S. Department of Justice and the Federal Communications Commission.
The FCC granted licenses to both companies in 1997 on the condition they agree not to combine and create a potential monopoly.
The terrestrial radio industry also has challenged the deal as anti-competitive.
Sirius and XM reiterated Tuesday they expected the merger to close by the end of this year.
Sirius shares closed up 22 cents, or 6.45 percent, at $3.63 on the Nasdaq Stock Market. XM shares closed up $1.33, or 9.69 percent, at $15.06, also on the Nasdaq.
