DOJ Approves XM Sirius Merger3/24/2008 8:10 AM Eastern
The long-awaited merger of XM Satellite Radio and Sirius Satellite Radio cleared a major hurdle Monday, after the U.S. Dept. of Justice said it had completed its investigation of the merger and decided to take no action.
The DOJ statement essentially means that the merger, first proposed in February 2007, is not anti-competitive. The $13.6 billion merger still must receive approval from the Federal Communications Commission, which is expected to issue its ruling on the combination in the next few weeks.
Both XM and Sirius are home to the audio feeds of several cable networks, including CNN, Fox News Channel and CNBC.
The combined XM/Sirius would have more than 17 million subscribers and would be headed by current Sirius CEO Mel Karmazin. XM Satellite chairman Gary Parsons would retain that title with the new entity.