Martin: FCC May Rule on Sirius-XM Merger by June 30
The FCC could
reach a decision on proposed Sirius-XM Satellite Radio merger by the end of
June, Chairman Kevin Martin said at a press conference on Friday. "I still
think the Commission could act by the end of the second quarter," Martin
told reporters -- even though the matter did not appear on the agency's
agenda for its regular monthly meeting on June 12.
In recent weeks, many
lawmakers and several interest groups have asked the FCC to impose
restrictions, if approved, including the spin-off of some of the two
company's spectrum -- which is larger than the AM and FM bands combined.
Groups also want the agency to require that HD Radio be included in any new
Regardless, the Commission isn't required to reach a decision
by any specific date, and could delay its decision beyond June if
Commissioners can't reach a decision. The Justice Department approved the
merger on March 24.
Based on yesterday stock prices, the value of the
all-stock transaction has declined $700 million to $3.9 billion from $4.6
billion when the deal was announced in February, 2007. (05-23-08)
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