XM/Sirius Merger Gets Approval
Posted on Saturday, July 26th, 2008 | In Market Commentary, Stocks to WatchAfter sixteen months, its a done deal. The proposed merger between Sirius Satellite Radio Inc. (SIRI) and XM Satellite, (XMSR) which was announced by the companies back in April 2007, received FCC approval on Friday by a vote of 3-2, with republican commissioner Deborah Taylor Tate casting the deciding vote.
Kevin Martin the FCC Chairman in announcing the vote Friday evening, stated that ”I think it’s going to be, in the end, a good thing for consumers and be in the public interest,” Martin told The Associated Press. “Consumers will enjoy a variety of programming at reduced prices and more diversified programming choices.”
The companies hope that with the merger, they will now have operating efficiencies and cost savings that will lead to profitability.
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