XM and Sirius to Announce Merger Today

ABC News has confirmed reports that two satellite radio providers XM and Sirius will announce a long-anticipated merger today.

The two companies worked over the weekend to finalize a plan that is expected to be structured as a "merger of equals," although ABC News has learned the plan calls for Sirius CEO Mel Karamzen to run the new company.

The merger would require regulatory approval as well as anti-trust scrutiny.

Kevin Martin, chairman of the Federal Communications Commission, reportedly said last month that a merger could not be approved under current FCC regulations.

Reuters contributed to this story.

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