Sirius, XM complete merger

NEW YORK, July 29 (UPI) -- Sirius Satellite Radio and XM Satellite Radio announced Tuesday in New York that they have completed their merger.

The new company will change its corporate name to Sirius XM Radio Inc. and said the combined company's stock will be traded on the Nasdaq Global Select Market under the symbol "SIRI."

Sirius XM Radio said it is starting off with 18.6 million subscribers, making it the second-largest radio company, based on revenue, in the United States, after Clear Channel.

Sirius, with $283 million in second-quarter revenues, took 8.94 million subscribers to the deal, while XM, with second-quarter revenues of $318 million, added 9.65 million subscribers to the package.

"We have worked diligently to close this transaction and we look forward to integrating our best-in-class management teams and operations so we can begin delivering on our promise of more choices and lower prices for subscribers," Mel Karmazin, chief executive officer of Sirius XM Radio, said in a statement.