XM Shareholders Approve Sirius Merger

XM and Sirius' proposed merger received near-unanimous support from shareholders, as the two companies announced they had cleared the next hurdle in becoming a single entity.

According to tabulations by XM, 99.8 percent of shareholders voted in favor of the transaction. The merger agreement calls for each XM shareholder to receive 4.6 Sirius shares for each share they own.

The news was music to Wall Streets ears. XM skyrocketed nearly 10 percent to close at $15.06, while Sirius rose 6.5 percent to close at $3.63. Both stocks looked poised to add onto those gains come Wednesday.

"Today's vote is the latest demonstration of the strong support for our merger from a wide range of individuals and prestigious organizations who recognize the benefits that a merger will bring to consumers," XM chairman Gary Parsons said of the results.

Sirius was also scheduled to hold a meeting to vote on the planned merger, which was also expected to receive overwhelming support. However, results of the vote there was not available as this story went to press.

Momentum towards the merger has built in recent weeks as both the Justice Department and FCC have appeared to be ready to approve the deal pending the receipt of additional information.

Earlier in the day, XM and Sirius brought out former FCC Chair Reed Hundt, a supporter of the deal, to advance their argument for the deal's approval.