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FCC gives green light to Sirius-XM merger

Posted: 29 Jul 2008 ?? ?Print Version ?Bookmark and Share

Keywords:FCC? Sirius-XM merger? buyout offer? satellite radio?

The U.S. Federal Communications Commission (FCC) has formally approved the long-delayed billion-dollar merger of the nation's only satellite radio companies Sirius Satellite Radio and XM Satellite Radio into, according to an Agence France Presse report.

In a 3-2 vote by its commissioners, the FCC approved July 25 Sirius' $3.3-billion buyout of XM, ending about 16 months of regulatory limbo for the satellite radio pioneers.

Confirming the final vote, FCC chairman Kevin Martin said in a statement that the deal is in the public interest and will offer consumers greater flexibility and choices.

The FCC, however, attached conditions to the decision. CNET reported that both Sirius and XM agreed to a three-year cap on prices, reserved eight percent of their broadcast capacity for minority and non-commercial programming, and pay $19.7 million for previous FCC violations.

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