XM/Sirius Score DOJ Merger Backing (SIRI, XMSR)
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…
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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
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
