Sirius Satellite Radio and XM Satellite Radio on Monday said they would merge in a stock-for-stock deal, a move that has been long expected in the young industry.

XM and Sirius said they would combine to create a company with an enterprise value of $13 billion, including $1.6 billion in net debt.

Under the terms of the deal, XM stockholders will get 4.6 shares in Sirius.

Veteran media executive Mel Karmazin, currently Sirius CEO, will be CEO of the combined company, and Gary Parsons, now chairman of XM, will hold the same position in the new company. The deal will need regulatory approval.