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FCC Chair Champions Rules for Sirius (SIRI), XM (XMSR) Merger

Posted June 17, 2008

“As I’ve indicated before, this is an unusual situation, I am recommending that with the voluntary commitments they (the companies) have offered, on balance, this transaction would be in the public interest.” — FCC Chairman Kevin Martin

by Mike Caggeso

Baltimore – (TFN): The dormant, yet important, proposed $5 billion merger of Sirius Satellite Radio Inc. (SIRI) and XM Satellite Radio Holdings Inc. (XMSR) cleared a major hurdle, as Federal Communication Commission Chairman Kevin Martin backed the merger - with stipulations.

Concessions Martin recommended include: the stations turn over 24 channels to noncommercial and minority programming as well as a three-year freeze on prices and packages. Both satellite stations have already accepted Martin’s conditions.

“As I’ve indicated before, this is an unusual situation,” Martin said in a statement. “I am recommending that with the voluntary commitments they (the companies) have offered, on balance, this transaction would be in the public interest.”

Martin said Monday that he would propose the FCC approve of the conditional merger. Reuters reported that the proposal could be as early as this week, citing sources at the FCC. At least two more of the four remaining FCC commissioners need to approve the merger for it to pass, and it’s possible they may add more stipulations. Read on to learn more.

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