The NY Post reports today that the long-awaited Sirius and XM merger is expected to be announced today, barring last-minute complications. The WSJ just posted a short story on its Web site that says the two are "nearing an agreement but have yet to ratify a definitive contract." Even if a deal is announced, you can expect lots of federal antitrust scrutiny, although the companies will argue that the issue isn't the lack of competition in the satellite radio industry, but all the competition from other platforms (Internet, digital-music players, etc.). NY Post WSJ

*Update: The deal was announced this afternoon. Sirius Satellite Radio will acquire XM Satellite Radio Holdings for stock valued at about $4.6 billion. Sirius CEO Mel Karmazin would become chief executive of the new enterprise, while Gary Parsons, currently chairman of XM, would become the chairman. NYT