Sirius and XM Satellite Radio brought their proposed $5 billion union one step closer to reality, as shareholders of both companies approved the transaction by an overwhelming margin on Tuesday. Officials indicated that 99.8% of XM shareholders and 96% of Sirius stock owners voted in favor of the deal, which would give XM shareholders 4.6 shares of Sirius stock for every XM share held. Contingent upon the receipt of Justice Department and FCC consent, the parties hope to complete the transaction by the end of this year. As Sirius CEO Mel Karmazin described the vote as “a significant step,” XM Chairman Gary Parsons welcomed the news as “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.” Meanwhile, former FCC Chairman Reed Hundt added his name to the list of individuals who support the merger, as he asserted that the companies would stand a better chance together of creating a “really serious competition against . . . terrestrial radio that I had always hoped for” as FCC chairman. Observing that, as a result of the “digitalization” of content delivery, the U.S. audio services market has changed dramatically since his FCC tenure a decade ago, Hundt remarked during a recent interview with current FCC members that today’s satellite radio sector is neither a distinct market nor the only competitor against terrestrial radio broadcasters.