[opendtv] Re: News: Merger of Sirius and XM Approved by F.C.C.

  • From: "Adam Goldberg" <adam_g@xxxxxxxxx>
  • To: opendtv@xxxxxxxxxxxxx
  • Date: Sat, 26 Jul 2008 09:32:05 -0400

The Washington Post has a longer story:

Still no details on which conditions were included, though.

On Sat, Jul 26, 2008 at 8:11 AM, Craig Birkmaier <craig@xxxxxxxxx> wrote:

> 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.
> 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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