XM Satellite Radio (NASDAQ: XMSR) and SIRIUS Satellite Radio (NASDAQ: SIRI) have just announced that both companies have agreed not to exercise their rights to terminate the proposed merger agreement based on today’s date. The companies are have agreed to further extend the merger agreement… "as necessary, for rolling two week periods unless either side notifies the other of its intention not to extend."
This pending merger remains subject to the approval from the FCC and satisfaction of all other applicable conditions.
We’ve already received a nod from the DOJ back on March 24, 2008, so now we are just waiting for the FCC. SIRIUS and XM have both obtained stockholder approval for the pending merger, all the way back in November 2007.
Waiting for this merger decision from the FCC and all the lobbying pressuring it is starting to look the same as watching 5-year olds playing tee-ball. You just know it is going to come down to 1 point, and the kids are out of control.
Jon C. Ogg
April 30, 2008