A rockstar deal that will join XM Satellite Radio (XMSR) and Sirius Satellite Radio (SIRI) has been approved by the Federal Communications Commission.

Certain conditions -- largely aimed at protecting consumers from price inflation and detailed below -- must first be met, but the final vote will be held in three weeks. The result will be a lone U.S. satellite radio station.

According to The Wall Street Journal, the new company will be mandated to set aside for lease 8% of channels for noncommercial and minority-owned broadcasting. Furthermore, price controls for subscriptions and transmitters will be implemented. Even more daunting? The provider has to prove that satellite radio is relevant, sustainable and beneficial to shareholders.

The deal is valued at $7.54 billion at current respective stock prices and offers 4.6 shares of Sirius for every share of XM.

Is this the future of radio? Keep it locked.