XM Satellite, Sirius Combination Approved at Justice
Posted by jroxx on March 24, 2008
Reporters Don Jeffrey and James Rowley announced at around 5 PM today that Sirius Satellite Radio Inc.’s proposed $4.59 billion acquisition of XM Satellite Radio Holdings Inc. won U.S. antitrust clearance to create a single U.S. satellite-radio provider. Shares of both companies surged.
The deal was opposed by the National Association of Broadcasters, the trade group that represents free radio stations and waged a lobbying campaign in Congress and at the FCC. The broadcasters’ spokesman, Dennis Wharton, said in a statement today the group is “astonished” by the Justice Department’s action “granting a monopoly” to the companies.
The combined company will eliminate programming that is duplicative, including some music channels.
Full article can be found here.
To contact the reporter on this story: Don Jeffrey in New York at djeffrey1@bloomberg.net
So to recap
- There is only 1 company that controls all of satellite radio, at least it’s not the Dolan’s.
- The broadcasters are saying astonished by the Justice Department’s action granting a monopoly to the companies.
- The combined company will eliminate programming that is duplicative, including some music channels.
