Satellite radio operators XM and Sirius have announced a definitive $13 billion merger agreement which would cut the number of satellite radio operators in the U.S. from two to one. Under the terms of the agreement, Mel Karmazin will become CEO of the combined company, while XM chair Gary Parsons will take on the role of Chairman; XM shareholders will receive 4.6 shared os Sirius stock for every share of XM stock they own. XM and Sirius will each own about 50 percent of the combined company under what the firms characterize as a "merger of equals."
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