Washington — XM Satellite Radio shareholders joined their cousins at Sirius Satellite Radio today by giving their approval of the proposed merger of the two companies.
The stockholders voted overwhelmingly in favor of the move, with in excess of 99 percent voting to OK the merger during a special shareholder meeting held this afternoon. Sirius shareholders voted earlier today, with 96 percent giving their approval.
"Today's vote is the latest demonstration of the strong support for our merger from a wide range of individuals and prestigious organizations who recognize the benefits that a merger will bring to consumers," said Gary Parsons, XM chairman. "We are proud to have received support for our merger from organizations representing African-Americans, women, rural Americans and Hispanics, as well as from former FCC chairmen and commissioners and a diverse group of elected officials. We appreciate our shareholders' overwhelming support."
The deal is still subject to federal regulatory approval.