XM Chairman: Sirius Merger Just "Speculation"

Sirius Satellite Radio CFO David Frear was quoted on Wednesday saying a merger with rival XM would “be in the interest of shareholders.” He says there would be benefits to both investors and consumers and substantial cost savings. Chairman of XM Satellite Radio Gary Parsons was on “Closing Bell” today to give a definitive answer on whether this would actually happen.

Parsons shrugged off the talk when host Dylan Ratigan asked if a deal was in the works – calling it just “speculation.” The rumors have been flying for two years, he says, bolstered mainly by CNBC’s own Jim Cramer and Sirius itself.

The companies have always been healthy competitors, and any cooperation between them has been largely centered on regulatory issues – but that’s about it.

“I kind of leave the speculation to leave to the reporters and analysts who seem to love to talk about it a lot,” Parsons says.