XM-Sirius Merger Near Agreement, One Vote Left

The regulatory process on XM-Sirius merger where federal regulators approved the $5B deal, seems not quite over yet. In March of this year, the Department of Justice’s Antitrust Division announced that after “thorough and careful review” was allowing the two satellite radio companies to merge.

However, according to AP – A Federal Communications Commission member, Jonathan Addelstein, a Democratic appointee, withdrew his offer Wednesday and voted against approving the merger of XM (XMSR) and Sirius (SIRI).

XM Sirius VoteBecause of this latest development ; the vote on the regulatory body now stands at 2-2, with Republican member Deborah Taylor Tate still undecided.

Adelstein who is known for his views against big media mergers – released a statement Wednesday, stating:

I was hoping to forge a bipartisan solution that would offer consumers more diversity in programming, better price protection, expanded choices among innovative devices and real competition with digital radio. Instead, added Adelstein – it appears they’re going to get a monopoly with window dressing. We really missed a great opportunity to reach a bipartisan agreement that would have benefited the American people, – concluded Adelstein.

Clearly, with one vote left – the pressure now is on Deborah Taylor Tate who is seeking a resolution on the pending proposed merger transaction, between both companies.

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About Ron Haruni 1067 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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