Sirius Finally Snares XM
FCC Commissioner Tate Casts Decisive Merger Approval Vote
By Multi Channel News Staff -- Multichannel News, 7/25/2008 5:11:00 PM
With FCC Republican commissioner Deborah Taylor Tate casting the decisive vote, Sirius Satellite Radio Inc.’s buyout of XM Satellite Radio Holdings Inc. has finally been approved.
Tate’s tally came Friday night as the 3-2 FCC vote gave the go ahead to the transaction 17 months after it was first proposed. The companies agreed this week to pay an almost $20 million fine to the U.S. Treasury for violations relative to radio receivers and ground-based signal repeaters.
The deal, giving the 18 million satellite radio subscribers access to programming from both services, is expected to result in significant cost savings and profits for the merged company.
“I think it's going to be, in the end, a good thing for consumers and be in the public interest,” Martin told The Associated Press Friday night. “Consumers will enjoy a variety of programming at reduced prices and more diversified programming choices.”
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