News for 'XMSR' - (DJ XM Satellite, Sirius Seen Announcing Merger
Monday -
NY Post) DOW JONES NEWSWIRES
XM Satellite Radio Holdings Inc. (XMSR) and rival Sirius Satellite
Radio
Inc. (SIRI) are expected to announce their long-awaited merger Monday,
the
New York Post reported in its online edition, citing a source familiar
with the deal.
The two sides were locked in negotiations over the weekend trying to
hammer out a final agreement, the newspaper reported, citing the same,
unnamed source.
Talks were still going on and the deal could fall apart at any time,
the
New York Post said.
With antitrust issues of paramount importance, the newspaper cited
its
source as saying lawyers for both companies were working overtime to
fine-tune the language of the agreement and frame the discussion around
the deal itself and not regulatory concerns.
According to the New York Post's source, XM Chairman Gary Parsons
would
retain his title in the combined entity, with Sirius' Mel Karmazin
likely
taking the chief executive role, the newspaper said. It is unclear what
role, if any, XM CEO Hugh Panero would play, according to the report.
Washington-based XM ended the third quarter with 7.19 million
subscribers, while New York-based Sirius ended with 5.1 million. A
merger
would join Sirius content, such as Howard Stern, Frank Sinatra and
Nascar,
with XM's Oprah Winfrey, Bob Dylan and Major League Baseball.
Newspaper Web site: nypost.com
(END) Dow Jones Newswires February 19, 2007 09:23 ET (14:23 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 09 23 AM EST
02-19-07Source: DJ Broad Tape |
