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XM and Sirius To Merge

The two satellite radio companies: XM and Sirius have announced a $13 billion merger.

Together, the networks have about 13 million subscribers.  In the merger Mel Karmazin, CEO of Sirius will continue to serve on in the same capacity with the new company, while XM Chairman Gary Parsons will also stay on in the same post.

Hugh Panero, CEO of XM will serve in the same role until the merger closes.