UPDATE: Sirius and XM in $13 billion merger

WASHINGTON and NEW YORK – With both companies still awash in a sea of red ink, XM Satellite Radio and Sirius Satellite Radio today announced they will merge in an all-stock merger with a combined value of approximately US$13 billion, which includes net debt of approximately US$1.6 billion. Under the terms of the agreement, XM shareholders will receive 4.6 shares of Sirius common stock for each share of XM they own. XM and Sirius shareholders will each own approximately 50% of the combined company.There are no details as yet for what will happen with Sirius Canada and XM Canada. Sirius...