Sirius acquires XM, forms Sirius XM Radio, pop the cork: it's done
So, it's done: Sirius has completed its acquisition of XM, forming Sirius XM Radio with more than 18.5 million subscribers, making it the second-largest radio business in the US. The new company, headquartered in New York, expects to save about $400 million in 2009 while earning $300 million. If you're a drooling investor, don't go charging up to the champagne room just yet -- analysts are pointing out that neither company has ever posted a profit, and losses are in the billions. Anyway, can we move on to all the new, shiny Sirius XM receivers now, please?
