XM says Sirius break-up fee $175 million

NEW YORK (Reuters) - XM Satellite Radio Chairman Gary Parsons said on Monday the merger agreement with Sirius Satellite Radio carries a break-up fee of $175 million.

Parsons and Sirius Chief Executive Mel Karmazin told Reuters in a joint phone interview that they hope to meet "shortly" with the U.S. Federal Communications Commission to seek regulatory approval for their merger.

The executives also said they will continue to support radio devices offered by both companies while working on a new device that will work on both satellite radio services.