Sirius finalizes XM acquisition, now officially called Sirius XM Radio
After a long time of speculation and wondering, the deal has officially been completed. Sirius and XM have formed as one company and are now using the uninspired sounding name of Sirius XM Radio.
As we saw the merger had its ups and downs and times when it looked like it was never going to happen, we saw the DOJ give their seal of approval back in March, and then the news kind of died down a little bit. Then finally the FCC gave their seal of approval late last week and now things seem to be quick moving again.
As part of the merger, any existing radios will continue to work and subscribers can continue on with their current plans, but personally I am more looking forward to see those new a-la-carte style plans that we have heard mentioned. Well, that and some new Sirius XM Radio branded hardware.
Read [Sirius]
Sirius, XM merger receives the official FCC approval
Coming in a close 3-2 vote, the $3.3 billion purchase of XM from rival Sirius has been given the official seal of approval from the FCC.
This news will now leave US customers with just one satellite radio service, which initially sounds like not the best of news, however at least some from the FCC think this was a good move.
According to a recent statement from FCC Chairman Kevin Martin, “this merger is in the public interest and will ultimately benefit consumers.” As a consumer and a current Sirius subscriber I can only hope that turns out to be an accurate statement.
While the approval has been granted, this decision does not come without some guidelines, which are being set in place to offer protection to consumers.
XM-Sirius; Does the gov know better than you?
It is getting tough to tell who’s side is whose in the terrestrial vs extra terrestrial battle going on as all consider the merger of XM and Sirius radio. Some, like the Department of Justice, see no problems. Others like two lawmakers who on Friday announced we should take a good, long, hard look at the damage a satellite radio merger might reap and how they should protect us.
FCC leaks the Sirius Starmate 5, with possible XM support
Another day another product leak from the FCC, the latest is the Starmate 5 from Sirius, which in by itself would not be that exciting. However in this case based on a memo that switched hands from a “testing firm and the FCC authorization staff” included the possibility of the Starmate 5 supporting Sirius channels as well as XM.
“We used the satellite radio signal coming from either XM or Sirius,”
Which assuming that happens, and note as of now its just speculation as nothing official has been announced, this would be the first hybrid satellite radio receiver. Sounds like a great move, however a very risky move, while the DOJ has given their seal of approval on the merger, its still pending FCC approval which is not expected to take place until sometime late in May or possibly into June.
Sirius, XM counsel discusses pricing programs with FCC
Following approval of the Department of Justice, legal counsel of both Sirius and XM met with the FCC on Wednesday to discuss the merger proposal of the two companies. The merger proposal was given the nod by DOJ, and so XM and Sirius seem to wasting little time in getting the FCC’s approval.
Based on record of filing at the FCC, the meeting was held last Wednesday before FCC Chairman Kevin Martin. Together with the legal counsel of Sirius and XM, others who were present during the meeting were Daniel Gonzales, Chairman of Martin’s Chief of Staff and Michelle Carey, Chairman Martin’s Senior Legal advisor.
The record of filing also indicated that the meeting discussed programming packages and proposed pricing which were previously announced by both Sirius and XM.
Breaking: Sirius, XM merger receives approval
It has been in the works for a long time, just over a year now and at this point many were thinking the approval would never happen. However, it seems the latest two month extension for the merger deadline was just was they needed. The Department of Justice has approved Sirius’s $5 billion buyout of XM Radio, however no information was given on just when the merger will officially take place.
According to the DOJ: “Evidence Does Not Establish that Combination of Satellite Radio Providers Would Substantially Reduce Competition”
Keep reading for the full Department Of Justice Statement below…
Sirius, XM receive two extra months on merger deadline
While the Sirius/XM merger still seems far away from being completed, the original date for the merger, which was March 1 has expired and they have agreed on a two month extension. Based on the new date, they now have until May 1, 2008 to receive regulatory approval, that is unless they agree upon another extension.
Sadly, this merger is almost getting to the point of not caring either way, we will just be happy when its finally over. We have been getting teased with a possible merger and better plans for over a year now.
Read [Reuters]
Satellite radio merger in limbo
The much hyped merger of Satellite radio providers XM and Sirius has stalled, and the deadline is looming. The original deal was struck on February 19, 2007 and the termination date is Saturday. Sirius is desperate for the merger but regulators have still not approved the plan. Sirius CEO Mel Karmazin said he expects the boards of both companies to meet to extend that deadline. The DOJ seems to be stuck on the question of whether the merger would result in a monopoly. The answer to most is no, given that most satellite radio usage happens in cars, where DVD players, iPods, and free radio are also options. Since February 20, 2007, Sirius shares have fallen 22% to $3.05, while XM shares have sunk 15% to $13.13.
Read [Reuters]
NAB launches new anti-Sirius/XM merger ad campaign
According to Radio Ink, the National Association of Broadcasters (NAB) has placed an ad in the Congress Daily and other political publications opposing the Sirius/XM satellite radio merger monopoly. The FCC has shut down merger talks in the past between the companies, but now it seems they may have gone soft. If this merger in fact does go through, they’re going to be hearing from much more than just the NAB.
Related: Breaking: XM and Sirius officially merge!, Sirius buying XM, nah just talking trash
Read [Radio Ink] Via [Orbitcast]
Gadgetellinks 2/20/07: A day for M&A
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