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September 8, 2008 3:31:13 AM CDT

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FCC Approves Satellite Radio Merger

Posted Jul 25, 08 8:21 PM CDT in Politics,  Business 

(AP) – Federal regulators formally approved the merger of the United States' only two satellite radio operators today, ending a 16-month-long drama closely watched by Washington and Wall Street. Sirius Satellite Radio Inc.'s $3.3 billion buyout of rival XM Satellite Radio Holdings Inc. will mean 18 million-plus subscribers will be able to receive programming from both services.

Executives say it will mean huge cost savings that will lead to a first-ever profit for the relatively nascent industry, the AP reports. The Federal Communications Commission voted 3-2 to approve the buyout, with the tie-breaking vote coming Friday night from Republican commissioner Deborah Taylor Tate.

Source Associated Press

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Federal Communications Commission (FCC) commissioner Deborah Taylor Tate speaks in Las Vegas on Tuesday, April 17, 2007.   (AP Photo)
In this March 21, 2007 file photo, XM Satellite Radio and Sirius Satellite Radio products are advertised side by side.   (AP Photo)
In this March 20, 2008 file photo, a sign for XM Satellite Radio hangs over its exhibit space at the New York International Auto Show in New York.   (AP Photo)
In this March 24, 2008 file photo, a Sirius satellite radio player plays Howard Stern's radio talk show in a car in Orange Village, Ohio.   (AP Photo)
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mergers and acquisitions  • FCC  • Sirius  • XM Satellite Radio  • Federal Communications Commission


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