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U.S. ruling sets clock ticking on radio deal
"The takeover of XM Satellite Radio Holdings Inc. by Sirius Satellite Radio Inc. in the United States came a step closer to becoming a reality yesterday through a surprise ruling that could clear the way for a monopoly in the burgeoning industry."
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News 6 of 131
"Such a deal would create a $9-billion (U.S.) industry giant and would likely force Canada's two satellite radio players into a merger as well. However both Canadian firms vowed to carry on independently, at least until a second U.S. regulator weighs in.
The U.S. Department of Justice gave its clearance yesterday to the $5-billion takeover of XM by Sirius. The unlikely deal has now cleared the first of two crucial hurdles. A second decision, from the U.S. Federal Communications Commission, is pending. If approved by the FCC as well, the U.S. merger is expected to force the combination of Canada's two satellite radio players, XM Canada and Sirius Canada, both affiliates of their U.S. counterparts."
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