BREAKING: DOJ Clears XM-Sirius Merger; Waiting On FCC; 'Not Likely To Harm Consumers'
This story was written by Joseph Weisenthal.
The merger of satellite radio operators Sirius (NSDQ: SIRI) and XM (NSDQ: XMSR) has been cleared by the DOJ. This is a significant hurdle, though FCC approval is still required for the deal to close. That could come soon, if increasingly loud chatter is to be believed. And FCC Chairman Kevin Martin has indicated in the past that the agencies are coordinating with each other
From the DOJ's Statement: "After a careful and thorough review of the proposed transaction, the Division concluded that 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 two companies, which have been stuck in regulatory purgatory for over a year are trading up on the news. XM has spiked 13 percent to about $13.50, while Sirius is up about 4.8 percent to $3.04
More to come
By Joseph Weisenthal