The rumors were true. The two companies have merged today. They are hoping to take on the iPod and other emerging radio devices (ie. HD Radio). The XM shareholders will receive 4.6 shares of Sirius stock for every share they own, valuing them at $17.02 each based on Friday’s closing price for Sirius shares.
Neither company has turned a profit yet, but together who knows what will happen. Right now XM receivers can’t receive Sirius and vice versa, but look for devices in the near future that can get both companies signal.