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Saturday, July 26, 2008

FCC Finally Backs Union of XM, Sirius

Excerpted from The Washington Post:

The government has approved the long-delayed merger of the nation's only satellite radio companies, combining Sirius and XM into a single entity with 18 million subscribers.

The decision last night came almost a year and a half after the companies first proposed joining. Based on yesterday's closing share prices, the deal is valued at $3.3 billion, not including debt.

...The companies must cap prices for three years after joining and allow consumers to choose the channels they want and pay less for packages of channels. Radios that allow a la carte channel selections will eventually be available for car dashboards -- the largest area of growth. The companies said they would introduce radios that receive both XM and Sirius channels...

Full article

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