AA, US Airways Will Merge Operations The parent company of American Airlines, AMR Corp., and US Airways announced an $11 billion merger deal today. The combined airline will be called American Airlines. Together, they form the world's largest airline. The deal is still subject to regulatory approvals. If approved, the airline will be headquartered in Dallas-Fort Worth and will maintain a "significant corporate and operational presence in Phoenix," the airlines said in a joint statement. The airlines also said they expect to maintain all existing hubs. READ: What will the merger mean for consumers? The new airline will be led by US Airways CEO Doug Parker, who will serve as chief executive officer and a member of the board of directors. Tom Horton, American's CEO, will serve as chairman of the combined airline's board through its first annual meeting of shareholders. He will also serve as the combined airline's representative to the Oneworld Alliance, of which he is currently chairman, and the International Air Transport Association for the period of time. Parker will assume the additional position of chairman of the board after the first annual meeting of shareholders. The new American Airlines will be a member of the OneWorld alliance. If approved, the American Airlines and US Airways deal will be the third mega-airline merger in just five years. In the same time period, the U.S. has gone from six legacy carriers to four. This merger would leave three. AMR Corp., the parent company of American Airlines, filed for bankruptcy protection in Nov. 2011. The airline and its CEO were adamant that American would emerge from bankruptcy as a stand-alone carrier, even as it was courted publicly by US Airways. The merger announcement ends a year of speculation in the airline industry about the future of the two airlines.