It's been about two years since rumors began flying around about a merger between satellite radio pioneers XM and Sirius. A little over a year ago, those rumors became official- starting a coming-together that could further revolutionize how people listen to talk, sports and music.
Since the original announcement, share prices of each company have increased- though the merger was to be approved by shareholders and federal antitrust regulators in the meantime. Yesterday, that approval was finally received by the Department of Justice (DOJ), which agreed that the market would remain robust and competitive if the two giants were to join.
According to the XM website, the next step in the merger is Federal Communications Commission (FCC) approval. Once received, the two companies could finally be one, giving customers more choice and better pricing. XM stresses that no XM radio will become obsolete as a result of the merger and that XM radio units will not need replacing or reprogramming to remain active.
Mel Karmazin is Chief Executive of Sirius, and will head the new company. "Together, our best-in-class management team and programming content will create unprecedented choice for consumers, while creating long-term value for shareholders of both companies" he says.
Since the original announcement, share prices of each company have increased- though the merger was to be approved by shareholders and federal antitrust regulators in the meantime. Yesterday, that approval was finally received by the Department of Justice (DOJ), which agreed that the market would remain robust and competitive if the two giants were to join.
According to the XM website, the next step in the merger is Federal Communications Commission (FCC) approval. Once received, the two companies could finally be one, giving customers more choice and better pricing. XM stresses that no XM radio will become obsolete as a result of the merger and that XM radio units will not need replacing or reprogramming to remain active.
Mel Karmazin is Chief Executive of Sirius, and will head the new company. "Together, our best-in-class management team and programming content will create unprecedented choice for consumers, while creating long-term value for shareholders of both companies" he says.