FCC Approves Satellite Radio Merger

3-2 vote OKs $3.3B Sirius buyout of XM, ends 16-month drama
By Newser Editors and Wire Services
Posted Jul 25, 2008 8:21 PM CDT
FCC Approves Satellite Radio Merger
Federal Communications Commission (FCC) commissioner Deborah Taylor Tate speaks in Las Vegas on Tuesday, April 17, 2007.   (AP Photo)

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. (More FCC stories.)

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