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SIRIUS and XM Complete Merger

SIRIUS XM Radio chosen as new corporate name.

New York, NY — The long-delayed SIRIUS Satellite Radio and XM Satellite Radio merger has finally been completed. The new company plans to change its corporate name to SIRIUS XM Radio Inc.

SIRIUS XM Radio now boasts a combined 18.5 million subscribers, making it the second-largest radio company, based upon revenue, in the country. Based on its subscriber base, the combined company has become the second largest subscription media business in the U.S. With less than 10 percent penetration of the home and car market, the opportunity for continued growth is significant.

“I am delighted to announce the completion of this exciting merger between SIRIUS and XM,” said Mel Karmazin, CEO of SIRIUS XM Radio. “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.”

As a result of the merger, SIRIUS XM Radio will be able to offer consumers new packages in audio entertainment, including the first-ever a la carte programming option in subscription media. In addition to two a la carte options, the new packages will include: “Best of Both,” giving subscribers the option to access certain programming from the other network; discounted Family Friendly packages; and tailored packages including “Mostly Music” and “News, Talk and Sports.” The first of the new packages will be available in the early Fall.

As promised when the merger was first announced, existing radios will continue to work and every subscriber has the option of maintaining their current service package.

The corporate headquarters will be located in New York, NY and XM Satellite Radio, the company’s wholly-owned subsidiary, will remain headquartered in Washington, DC.