Monopoly may be coming early to the budding satellite radio industry as XM Radio and Sirius attempt a marriage of convenience (with just a hint of desperation). A joint statement from the companies calls the move an “all-stock merger of equals.” Word on the street is that the companies would likely keep much of their offices both in New York (Sirius) and Washington (XM), but certainly some layoffs and job consolidation would follow. There have been little specific details so far regarding programming changes, job cuts or even a new name.

One thing that has been established is the new structure. According to the Post, Sirius Chief Executive Mel Karmazin will be heading XMius (just a thought) while Gary Parsons will remain as XM Chairman. One certain departure will be XM CEO, Hugh Panero, who plans to leave after the deal goes through.

The companies hope to be much stronger together, arguing that the collective force of MP3 players, internet radio and traditional radio are too great for them to bear individually. While both XM and Sirius have grown in subscribers, neither company has yet to turn a profit. Expensive deals with major league sports and bidding wars for high-priced talent have eaten away at the bottom line. Howard Stern’s program brought up Sirius’s subscriber numbers, but cost them a fat $500 million. XM countered by offering Oprah a three-year contract at for $55 million per year.