The laughably long merger between Sirius and XM went through.
The Federal Communications Commission approved in a 3-2 vote Friday all-stock buyout of XM, ending some 16 months of regulatory limbo for the nation's only satellite radio companies.
Company executives have long argued that the merger would lead to major cost savings and the first-ever profits in the fledgling industry.
Some critics of the deal had argued that a combined satellite group would form a monopoly that would benefit from sharing the same broadcast stars and could bring an end to bidding wars for top talent.
The deal was approved by XM and Sirius shareholders last December, when Sirius had more than 8.3 million subscribers compared with nine million for XM.
Source: AFP
Photo: Reuters
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