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The two main U.S. satellite radio providers, Sirius Satellite Radio and XM Satellite Radio, rivals in the fledgling satellite radio industry, have agreed to combine in a deal that investors hope will result in lower costs, assuming it overcomes significant regulatory hurdles.
Gary Parsons, chief executive of XM Satellite Radio, is optimistic about approval for the proposed merger between his company and Sirius Satellite Radio -- but it's going to be a long process. "Clearly, you would never enter into this unless you had a reasonable degree of confidence that you would in fact get the approvals," Parsons told CNBC's David Faber.
Who doesn’t love a long weekend? I can’t think of too many, and that goes double for those of us who slave away on the morning shift. ...And yet, there’s a sense of dread as well. Those charged with planning a morning show like “Squawk Box,” for instance, are essentially flying blind. Basically, there you are on Friday afternoon trying to figure out what will be relevant on Tuesday morning. Luckily, the news gods (or the late presidents whose holiday gave us Monday off) were smiling upon us.
Will Sirius' Howard Stern find true love with XM's Opie & Anthony? Blair Levin, managing director at Stifel Nicolaus (and former chief of staff at the FCC) told CNBC's Liz Claman he is "cautiously optimistic" that the satellite radio merger will be approved -- thanks to new technology.
Stocks are waffling on the opening and look set to open flat to lower. Traders are picking through headlines on mergers and earnings news, including weaker-than-expected results from Home Depot. Wal-Mart also reported profits this morning, and merger news is making headlines as Wall Street reviews the long awaited marriage of Sirius and XM Satellite radio, announced yesterday.
Talk of a merger between XM Satellite Radio and Sirius Satellite Radio has been churning for months now. 2006 was far from a stellar year for either satellite network, although both stocks are up 20% YTD – mostly on continued rumors of a merger. But is a merger between the two rivals in the cards? David Bank of RBC Capital Markets joined the “Squawk on the Street” team at the NYSE to talk about it.
Just hours after receiving an $83 million stock bonus from Sirius, Howard Stern has registered with the SEC to sell all 22.1 million shares.
Shares of XM Satellite Radio and Sirius Satellite Radio are up today. The gains come on news that XM recorded positive cash flow from operations during the fourth quarter. Some traders are reacting to the news as if the worst of the companies’ struggle into the black are over. Maria Bartiromo had two analysts on “Closing Bell” who would beg to differ.
XM Satellite Radio said it ended 2006 with more than 7.6 million subscribers, after adding over 442,000 new net customers during the fourth quarter.
As we end for today, we can safely report it's been a banner year for stocks--by just about everyone's measuring stick. Bonds didn't so bad either. Blue chips were certainly the big standouts of 2006. The Dow Jones industrial average--the index of 30 of the nation’s biggest companies, hit record levels dozens of times since closing at 12,011.73 on Oct. 19. It's since surged to an intra-day high of 12,529.87. All this despite....
Sirius Satellite Radio CFO David Frear was quoted on Wednesday saying a merger with rival XM would “be in the interest of shareholders.” He says there would be benefits to both investors and consumers and substantial cost savings. Chairman of XM Satellite Radio Gary Parsons was on “Closing Bell” today to give a definitive answer on whether this would actually happen.
Stocks fell after trading in a narrow range all day while investors waited for Friday’s jobs report, the last key economic indicator before next week's Federal Reserve meeting.
Get Ready For Heely's Madness: Roller shoe company is expected to go public on Friday ... Bode, Still Alive And Kicking: In February, yours truly put together a list of the Top 10 worst Olympic marketing disasters ... On Sheik Mohammad: One of the questions I always get is, "Who do you think is the most powerful man in sports?" ... The Weirdest Odds I've Ever Seen: I don't bet on sports, but I do cover the sports gambling industry pretty closely.
Satellite radios -- totally over-hyped? Unlikely to be saved by the holiday shopping rush. The news keeps getting worse and worse. S&P today downgrading XM Satellite radio shares to sell from hold. S&P expecting the company to give up its marketshare to Sirius. But Sirius had its share of bad news as well...
Stocks closed higher following mostly positive news about the U.S. economy and gains from several major blue-chip companies.
Today is the last day in CNBC’s "Biggest Loser" series – for now. This is where we look at stocks on the S&P that did badly this year--but could be in line for a turnaround. CNBC's Erin Burnett had RBC Capital Markets analyst David Bank on to talk about XM Satellite Radio. The stock is down 44% since January – but it rebounded about 28% last month.
NASCAR ain’t just whistling Dixie: It’s alive and kicking all over America. CNBC’s Darren Rovell proved it in Times Square, where he spoke to some of the racing association’s biggest names. Top drivers toured New York City streets for the fourth straight year, garnering applause while reconfirming the auto sport’s rising popularity beyond its Southern roots.
TiVo set-top boxes can bring the immediate past back to life. But who can resuscitate TiVo? With consumer electronics a growing tradition for holiday shopping lists, the company once reaped big Yuletide benefits. But TiVo has seen better holidays.