[opendtv] News: Merger of Sirius and XM Approved by F.C.C.
- From: Craig Birkmaier <craig@xxxxxxxxx>
- To: OpenDTV Mail List <opendtv@xxxxxxxxxxxxx>
- Date: Sat, 26 Jul 2008 08:11:33 -0400
http://www.nytimes.com/2008/07/26/business/media/26radio.html?_r=1&th&emc=th&oref=slogin
Merger of Sirius and XM Approved by F.C.C.
By THE ASSOCIATED PRESS
Published: July 26, 2008
WASHINGTON (AP) - Federal regulators have formally approved the
merger of the nation's only two satellite radio operators in a deal
closely watched by Washington and Wall Street.
Approval of Sirius Satellite Radio's buyout of rival XM Satellite
Radio Holdings means that more than 18 million subscribers will be
able to receive programming from both services. The buyout's cost was
about $3.5 billion. Executives say it will mean huge cost savings
that will lead to the first profits for the relatively nascent
industry.
The Federal Communications Commission voted 3 to 2 to approve the
buyout. The tie-breaking vote, from a Republican commissioner,
Deborah Taylor Tate, came when the companies agreed to pay $19.7
million to the federal Treasury to settle F.C.C. rule violations.
The commission's chairman, Kevin J. Martin, confirmed the final vote
on Friday night.
The long-running regulatory review was closely watched by exasperated
investors eager for a resolution as well as satellite radio customers
with questions about what effect the merger would have on their
service.
The land-based radio industry was opposed to the buyout, as were
consumer groups, various members of Congress and state attorneys
general, all of whom argued a satellite radio merger would hurt
consumers and was not in the public interest.
The commission's two Democrats, Jonathan S. Adelstein and Michael J.
Copps, voted against the buyout. Joining Mr. Martin and Ms. Tate was
the other Republican commissioner, Robert M. McDowell.
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