FCC Could (Finally) Decide On Sirius-XM Merger By End Of June
This story was written by David Kaplan.
After many delays, light at the end of the tunnel finally emerges The Federal Communications Commission could decide on the merger between Sirius Satellite Radio (NSDQ: SIRI) with rival XM Satellite Radio by the end of June, Bloomberg reported. Still, the FCC has no plans to address the matter at its next monthly meeting on June 12.
The conclusion of the deal has already passed several other expected deadlines. Meanwhile, the value of the all-stock deal has fallen to $3.9 billion from the nearly $4.6 billion in February 2007, when Sirius first proposed a takeover of XM (NSDQ: XMSR). The holdup on the commissioners' end is primarily due to an inability to agree on the specific conditions the FCC should set. Some U.S. lawmakers and interest groups are asking that combined entity be compelled to set aside part of its spectrum to competitors, including minority-owned radio companies, and that it be required to let any manufacturer make receivers to expand consumers' options.
By David Kaplan