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Sirius, XM complete merger


July 29, 2008 The U.S. satellite radio companies completed their merger Tuesday and renamed the combined company Sirius XM Radio -- then watched as their stock plummeted to a multiyear low. Sirius XM now trades on Nasdaq under the ticker symbol SIRI, as Sirius has since changed its name from Satellite CD Radio more than eight years ago, and shares shed 16% on Tuesday to $1.58. Karmazin also noted that with 18.5 million subscribers, Sirius XM is the second-biggest subscription entertainment service behind Comcast and the second-largest radio company trailing only Clear Channel.

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