Sirius says deal will mean low-price plan

NEW YORK (CNNMoney.com) -- Sirius Satellite Radio said Wednesday that its proposed deal with XM would lead to the offering of a low-cost basic package for consumers, according to an SEC filing.

It said that a merger between the companies would lead to radio service offerings "on a more ŕ la carte basis at lower prices."

Both Sirius and XM currently offer services at $12.95 monthly, and have had to respond to lawmakers vetting the proposal who are concerned that consumers getting content from both services would see doubled prices after the deal.

"After the merger, customers may elect to receive fewer channels at a monthly price lower than $12.95; substantially similar programming at the existing $12.95 price; or more channels, including some of the 'best of both' networks, at a modest premium to the cost of one service, and considerably less than the cost of subscribing to both services," Sirius said in the filing.

Shares of Sirius (Charts) closed Tuesday at $3.31 on Nasdaq. Shares of XM (Charts) closed at $13.54.

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