This paper addresses statistical modeling of MIMO LMS channels for satellite digital multimedia broadcasting (SDMB) applications. Dual polarization diversity is particularly considered. In the absence of accurate experimental MIMO LMS channel models in the literature, emphasis is put on the sound consolidation of available channel models for relevant single-input single-output (SISO) LMS and MIMO terrestrial wireless communications as well as on their novel extrapolation to the MIMO LMS case of interest. An accurate statistical model for L/S-band correlated dual circularly polarized 2×2 MIMO LMS channels is derived, which is fully-parameterized and can be further fine-tuned based on new available experimental results. Useful numerical results on the MIMO LMS channel capacity statistics are also presented illustrating the effect of several critical channel modeling parameters. (5 pages)