After months of speculation, Sirius XM Radio has finally confirmed their plan to increase subscription rates for satellite radio service. Although rumours regarding this action have been circulating for some time, the news has now been verified through a company homepage.

The official XM Radio webpage is the first source to reveal the full details of exactly how the price hike is set to play out.

March 11th will see Sirius XM bumping online radio audio quality with the unfortunate side-effect of a price increase (to $2.99/month) for the previously free service.

Subscribers that renew their contracts before the March 11th deadline will be able to receive free internet radio service for a limited time/

[Via Orbitcast]