DOJ Approves XM-Sirius Merger

Discussion in 'Off-topic Zone' started by Mavs Man, Mar 24, 2008.

  1. Mavs Man

    Mavs Man All outta bubble gum

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    Sirius purchase of XM gets antitrust approval
    Monday March 24, 3:39 pm ET

    WASHINGTON (Reuters) - The U.S. Justice Department on Monday approved the proposed $4.22 billion purchase of XM Satellite Radio (NasdaqGS:XMSR - News) by Sirius Satellite Radio (NasdaqGS:SIRI - News) after concluding a combined XM-Sirius would not harm consumers.

    The deal still needs approval from the Federal Communications Commission, which is expected to follow the Justice Department's lead.

    The deal, announced in February 2007, would combine the only two providers of satellite radio in the United States.

    "After a careful and thorough review of the proposed transaction, the (antitrust) division concluded the evidence does not demonstrate that the proposed merger of XM and Sirius is likely to substantially lessen competition, and that the transaction therefore is not likely to harm consumers," the department said in a statement.

    The long-awaited decision sent shares of XM and Sirius sharply higher. Although they later pared their best gains, XM stock was up nearly 14 percent to $13.59, while Sirius shares were up 6 percent to $3.08, both on Nasdaq.

    The traditional radio industry, consumer groups and some U.S. lawmakers had criticized the deal as anticompetitive, but the satellite radio companies argued that they faced competition from traditional radio and personal audio players.

    Officials from Sirius and XM were not immediately available for comment.


  2. Danny White

    Danny White Winter is Coming

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    Sounds good to me (no pun intended).

    I have XM on my new car, and I really miss having the NFL games and coverage that I enjoyed with Sirius. Hopefully the programming will be merged by the upcoming NFL season!
  3. theebs

    theebs Believe!!!!

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    xm has the coolest thing I just found out yesterday.

    I always listen to the 80s and 90s station while I am editing my video and yesterday on the 80s station they had the complete rebroadcast of Casey kasem's American Top 40 from the week of March 28, 1987. It was so great to listen to.

    I used to listen to the top 40 every week, on the weeks I didnt get up early and go to 7 am mass I would be stuck going to mass at noon and would miss the top 5!!!

    Anyway just thought I would share since they do this once a week. I could practically remember listening to the show.

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