Runaway Dinosaur

For the love of the music…..

XM Satellite, Sirius Combination Approved at Justice

Posted by jhochstat on March 24, 2008

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Reporters Don Jeffrey and James Rowley announced at around 5 PM today that Sirius Satellite Radio Inc.’s proposed $4.59 billion acquisition of XM Satellite Radio Holdings Inc. won U.S. antitrust clearance to create a single U.S. satellite-radio provider. Shares of both companies surged.

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The deal was opposed by the National Association of Broadcasters, the trade group that represents free radio stations and waged a lobbying campaign in Congress and at the FCC. The broadcasters’ spokesman, Dennis Wharton, said in a statement today the group is “astonished” by the Justice Department’s action “granting a monopoly” to the companies.

The combined company will eliminate programming that is duplicative, including some music channels.

Full article can be found here.

To contact the reporter on this story: Don Jeffrey in New York at djeffrey1@bloomberg.net

So to recap

  • There is only 1 company that controls all of satellite radio, at least it’s not the Dolan’s.
  • The broadcasters are saying astonished by the Justice Department’s action granting a monopoly to the companies.
  • The combined company will eliminate programming that is duplicative, including some music channels.
Monopolies scare the living crap out of me and once again
big business wins and the working man loses.
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