Sirius Completes XM Merger; Shares off 42 Percent in 4 Days

Sirius (SIRI) and XM (XMSR) this morning completed their merger, at long last. Terms of the deal called for XM holders to get 4.6 SIRI shares for each share of XMSR.

But are investors are celebrating? No, they are not. Instead, they are in a selling frenzy. SIRI shares, in fact, are down 32 cents, or 17 percent, to $1.56, and have now now dropped 42 percent in the last four trading days.

Sirius this morning repeated its previous forecast that the company expects to generate $400 million in synergies in 2009. It expects to post adjusted EBITDA of more than $300 million in 2009, and to reach positive free cash flow–before satellite expenditures–for the full year in 2009.

Read the rest of this post


Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »