Sirius reassures customers |
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Published
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Fri, 02 Mar 2007 23:47
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NEW YORK (AP) - Sirius Satellite Radio on Friday launched an advertising campaign to assure customers their radio equipment will continue to work if its proposed purchase of XM Satellite Radio goes through.Sirius said it will not raise subscription rates.Sirius plans to buy Washington D.C.-based rival XM in a deal that would create a single provider of satellite radio, though the transaction is expected to face tough scrutiny from regulators.The companies describe the transaction as a merger of equals, but Sirius is paying a premium for XM's stock, and the new company will be run by Sirius' chief executive while XM's chief executive will step down.Sirius shares rose a penny to $3.56 in after hours trading. XM Satellite Radio fell 2 cents to $13.96 in the aftermarket.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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