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Sirius, XM Extend Merger Agreement

Sirius Satellite Radio and XM Satellite Radio today said that the two companies will "not exercise their rights" to cancel their merger agreement until May 1, 2008. The merger is still subject "to satisfaction of all applicable conditions, including approval from the Department of Justice and the Federal Communications Commission," the companies said.

Sirius and XM announced their merger intentions in February of last year. Under the terms of the agreement, Sirius would buy XM for $4.6 billion in stock.