It’s been long enough, but it looks like the merger between XM and Sirius Satellite Radio may finally go forward:
WASHINGTON (AP) — The proposed merger of the nation’s two satellite radio broadcasters, bogged down in the regulatory process for over a year, has cleared a major hurdle with Federal Communications Commission chief recommending approval of the $5 billion deal.
FCC Chairman Kevin Martin made his recommendation Sunday in exchange for a number of concessions, including turning 24 channels over to noncommercial and minority programming. That sets the stage for a final vote that could occur any time after Martin’s recommendation is circulated among his fellow commissioners.
The provision on noncommercial and minority programming along with several others — including a three-year price freeze for customers — persuaded Martin to support Sirius Satellite Radio Inc.’s buyout of rival XM Satellite Radio Holdings Inc. The deal would affect millions of subscribers who pay to hear music, news, sports and talk programming, largely free from advertising, in homes and vehicles.
While I don’t like the idea of the FCC extracting concessions like this out of XM and Sirius, I’m glad Martin is finally letting this deal move forward.
