Earlier today, the US Justice Dept gave the green light for Sirius satellite radio to merge with long-time competitor XM radio.
Both stocks rallied today on the news with XM (XMSR) ending the day at $13.79 and Sirius (SIRI) climbing to $3.15.
Both companies have had large capital expenditures including satellites, land-based transponders and most significantly, unique content to compete.
XM and Sirius both enjoy a loyal and diverse subscriber base, especially among those that drive long distances, commute, or live in rural areas.
Update: The merger, as of this post, is still awaiting approval by the US Federal Communications Commission (FCC).