The Federal Communications Commission wrapped up its
400-plus day review of the controversial hook-up on Friday. As part of the approval, XM and Sirius have agreed to pay a $19.7 million fine to the U.S. Treasury for a variety of violations prior to approving the transaction. XM and Sirius said
they are taking steps to address the issue of noncompliant devices that remain in customers' cars. The company also agreed to shut down 50 terrestrial repeaters and either close or "bring into compliance" an additional 50.
The new company plans to change its corporate name to Sirius XM Radio Inc. The corporate headquarters will be located in New York, and XM Satellite Radio will remain headquartered in Washington as a subsidiary. XM shareholders will receive 4.6 shares of Sirius common stock for each share of XM. The combined company's stock plunged upon the
announcement of the merger. -
Maria WoehrFor more on this story see:
Dealwatch: XM-SiriusFCC clears XM-Sirius FCC approval of XM-Sirius imminent
Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. have finally completed the $13 billion merger that they announced over a year ago. 
