The Department of Justice has reportedly cleared the satellite radio merger where Sirius Satellite Radio (NASDAQ: SIRI) will be able to acquire XM Satellite Radio (XMSR) in its pending merger.
This still has to clear the Federal Communications Commissions as well. The FCC has been the agency that was deemed as being a larger hurdle, although the FCC usually follows the Department of justice’s recommendation.
Shares of XM Satellite Radio are up 14% at $13.65 on the day, while Sirius Satellite Radio shares are up almost 7% at $3.10 on the news.
If there was a deal that could have gone either way, this was it.
Jon C. Ogg
March 24, 2008