Skip navigation


Current DateTime: 09:44:28 15 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 09:44:28 15 Nov 2009
LinksList Documentid: 33793611
  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?

  • Think You Understand Markets?

      We've selected some questions from the Financial Industry Regulatory Authority's test of investor knowledge. See how you do ...


Current DateTime: 09:44:28 15 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Deal Reached for FCC to Clear XM-Sirius Merger
By: Reuters | 24 Jul 2008 | 11:29 AM ET
Text Size

Regulators reached an agreement to conditionally approve Sirius Satellite Radio's purchase of XM Satellite Radio as the companies said they would pay millions of dollars to settle allegations of past rule violations.

XM Satellite, Sirius Satellite
AP

The three Republicans on the five-member Federal Communications Commission have agreed in principle to vote in favor letting the deal proceed as long as the companies agree to conditions to protect consumers and settle the FCC enforcement matters, a source familiar with the agency review said on Thursday.

"I think it's fair to say an agreement in principle has been reached," FCC Chairman Kevin Martin was quoted by the Wall Street Journal as saying.

The agreement would allow XM [XMSR  Loading...      ()   ] and Sirius [SIRI  Loading...      ()   ] to clear the final hurdle in a regulatory marathon that began after the merger was first announced in February 2007.

Antitrust authorities at the U.S. Justice Department gave their approval in March.

A major obstacle was removed earlier on Thursday when XM and Sirius said they expected to pay a total of about $19 million to settle FCC compliance issues involving certain radios that include FM transmitters and terrestrial repeater stations.

Martin told Reuters progress toward resolution of the alleged violations was a major step toward getting the deal approved.

"I'm optimistic and hopeful that we will be able to move forward very quickly," Martin told Reuters.

The merger would bring entertainers such as Oprah Winfrey and shock jock Howard Stern under the same banner.

It has been criticized as anti-competitive by the traditional radio industry, and by some U.S. lawmakers.

XM and Sirius said that as part of a possible consent decree, they expected to make voluntary contributions to the U.S. Treasury of about $17 million and $2 million, respectively.

Sirius shares were down 1.1 percent to $2.65 in Thursday morning trading on Nasdaq. XM shares were up 3 percent to $10.34.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
  • Brian L. Roberts
  • For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
  • Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
  • The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
  • Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
ADD COMMENTS
Remaining characters


Current DateTime: 07:13:45 15 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 07:13:45 15 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 07:13:47 15 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 07:13:47 15 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters