NEW YORK, July 29 (Reuters) - Sirius Satellite Radio said on Tuesday it completed the purchase of rival XM Satellite Radio Holding Inc, forming a broadcasting company that competes with traditional radio as well as digital audio players like iPods.
The completion comes after a marathon period of government scrutiny that ended late last week when the U.S. Federal Communications Commission approved the deal, which was first announced 17 months ago.
The new company will be named Sirius XM Radio and will have more than 18.5 million subscribers, making it the second-largest radio business in the United States, according to Sirius.
Sirius reiterated that as a result of the deal it expected to save about $400 million in 2009, and earn $300 million in before interest and investment income, and interest, depreciation and non-cash stock compensation expenses, otherwise known as adjusted EBITDA, Sirius said.
Both savings and adjusted EBITDA will continue growing beyond 2009, it said.
The completion comes after a marathon period of government scrutiny that ended late last week when the U.S. Federal Communications Commission approved the deal, which was first announced 17 months ago.
The new company will be named Sirius XM Radio and will have more than 18.5 million subscribers, making it the second-largest radio business in the United States, according to Sirius.
Sirius reiterated that as a result of the deal it expected to save about $400 million in 2009, and earn $300 million in before interest and investment income, and interest, depreciation and non-cash stock compensation expenses, otherwise known as adjusted EBITDA, Sirius said.
Both savings and adjusted EBITDA will continue growing beyond 2009, it said.
