SIRIUS and XM now officially one company

Rich Fiscus
29 Jul 2008 15:07

Having finally gotten the blessing of the FCC yesterday, satellite radio providers SIRIUS and XM announced that their merger is complete. Both companies are now part of SIRIUS XM Radio.The merger has actually been in the works for more than a year and a half, but had been held up by the FCC, who finally approved it in March. Yesterday FCC commissioners voted 3-2 in favor of allowing it.
"I am delighted to announce the completion of this exciting merger between SIRIUS and XM," said Mel Karmazin, CEO of SIRIUS XM Radio. "We have worked diligently to close this transaction and we look forward to integrating our best-in-class management teams and operations so we can begin delivering on our promise of more choices and lower prices for subscribers."
"We also believe that the completion of the merger will eliminate any confusion that has been lingering in the marketplace," added Karmazin.
The long approval process was largely a result of anti-trust concerns voiced by consumer interest group and other (terrestrial) broadcasters. However, unless significantly more subscribers are added in the next couple of years the new company's monopoly won't even be enough to help them survive.